Pinduoduo (NASDAQ:PDD) Given New $52.00 Price Target at KeyCorp

Pinduoduo (NASDAQ:PDD) had its price objective upped by KeyCorp from $40.00 to $52.00 in a report issued on Wednesday morning, The Fly reports. KeyCorp currently has an overweight rating on the stock. KeyCorp also issued estimates for Pinduoduo’s Q3 2019 earnings at ($0.08) EPS, FY2019 earnings at ($0.52) EPS, Q1 2020 earnings at ($0.16) EPS, Q2 2020 earnings at $0.10 EPS, Q3 2020 earnings at $0.18 EPS, Q4 2020 earnings at $0.38 EPS, FY2020 earnings at $0.49 EPS, Q1 2021 earnings at $0.03 EPS, Q2 2021 earnings at $0.40 EPS, Q3 2021 earnings at $0.48 EPS and FY2021 earnings at $1.77 EPS.

Other analysts also recently issued reports about the stock. Jefferies Financial Group began coverage on shares of Pinduoduo in a research note on Monday, August 5th. They set a buy rating and a $26.90 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a report on Tuesday, July 9th. They set an underweight rating and a $20.48 price target on the stock. 86 Research restated a sell rating on shares of Pinduoduo in a report on Tuesday, August 6th. Nomura assumed coverage on shares of Pinduoduo in a report on Wednesday, October 9th. They set a neutral rating and a $34.00 price target on the stock. Finally, Bank of America boosted their price target on shares of Pinduoduo from $29.00 to $34.00 and gave the company a buy rating in a report on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $34.22.

PDD stock traded down $0.08 during midday trading on Wednesday, reaching $43.23. The company had a trading volume of 4,518,400 shares, compared to its average volume of 7,390,787. The stock has a 50 day moving average price of $35.69 and a 200 day moving average price of $26.72. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.01. Pinduoduo has a fifty-two week low of $16.53 and a fifty-two week high of $45.25. The firm has a market capitalization of $48.49 billion, a PE ratio of -21.62 and a beta of 1.49.

Pinduoduo (NASDAQ:PDD) last announced its earnings results on Wednesday, August 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.13. Pinduoduo had a negative net margin of 30.74% and a negative return on equity of 28.55%. The company had revenue of $7.29 billion for the quarter, compared to the consensus estimate of $6.15 billion. Pinduoduo’s revenue for the quarter was up 169.1% on a year-over-year basis. Research analysts predict that Pinduoduo will post -0.62 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in PDD. Morgan Stanley lifted its position in Pinduoduo by 1,660.1% during the 2nd quarter. Morgan Stanley now owns 8,810,263 shares of the company’s stock worth $181,756,000 after acquiring an additional 8,309,709 shares during the last quarter. Hillhouse Capital Advisors LTD. raised its position in shares of Pinduoduo by 129.8% during the second quarter. Hillhouse Capital Advisors LTD. now owns 7,197,978 shares of the company’s stock valued at $148,494,000 after buying an additional 4,065,882 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Pinduoduo during the second quarter valued at about $59,424,000. Nikko Asset Management Americas Inc. raised its position in shares of Pinduoduo by 438.8% during the second quarter. Nikko Asset Management Americas Inc. now owns 3,335,739 shares of the company’s stock valued at $68,816,000 after buying an additional 2,716,681 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Pinduoduo by 146.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,473,874 shares of the company’s stock valued at $92,296,000 after buying an additional 2,655,490 shares during the last quarter. 12.80% of the stock is owned by hedge funds and other institutional investors.

About Pinduoduo

Pinduoduo Inc operates an e-commerce platform in the People's Republic of China. It also operates Pinduoduo, a mobile platform that offers a range of priced merchandise. The company was formerly known as Walnut Street Group Holding Limited and changed its name to Pinduoduo Inc in July 2018. Pinduoduo Inc was founded in 2015 and is based in Shanghai, the People's Republic of China.

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