APG Asset Management N.V. reduced its stake in shares of Pinduoduo Inc. (NASDAQ:PDD) by 16.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 647,147 shares of the company’s stock after selling 124,522 shares during the period. APG Asset Management N.V.’s holdings in Pinduoduo were worth $69,315,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Krane Funds Advisors LLC raised its holdings in shares of Pinduoduo by 9.6% in the first quarter. Krane Funds Advisors LLC now owns 1,773,693 shares of the company’s stock valued at $237,462,000 after purchasing an additional 154,829 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Pinduoduo by 19.8% in the second quarter. Geode Capital Management LLC now owns 1,727,167 shares of the company’s stock valued at $217,698,000 after purchasing an additional 285,343 shares during the last quarter. Shelton Capital Management raised its holdings in shares of Pinduoduo by 16.3% in the second quarter. Shelton Capital Management now owns 28,172 shares of the company’s stock valued at $3,578,000 after purchasing an additional 3,957 shares during the last quarter. Mission Creek Capital Partners Inc. acquired a new stake in shares of Pinduoduo in the first quarter valued at approximately $9,459,000. Finally, Veritas Asset Management LLP raised its holdings in shares of Pinduoduo by 2.8% in the second quarter. Veritas Asset Management LLP now owns 1,402,526 shares of the company’s stock valued at $178,149,000 after purchasing an additional 38,700 shares during the last quarter. Hedge funds and other institutional investors own 19.82% of the company’s stock.
A number of analysts have recently issued reports on PDD shares. Benchmark lowered their price objective on shares of Pinduoduo from $176.00 to $156.00 and set a “buy” rating on the stock in a report on Wednesday, August 25th. TheStreet upgraded shares of Pinduoduo from a “d” rating to a “c” rating in a report on Monday, September 27th. Bank of America boosted their target price on shares of Pinduoduo from $143.00 to $148.00 and gave the stock a “buy” rating in a report on Wednesday, August 25th. Zacks Investment Research upgraded shares of Pinduoduo from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Friday, September 3rd. Finally, Citigroup reduced their price objective on shares of Pinduoduo from $168.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, August 25th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $159.27.
Pinduoduo (NASDAQ:PDD) last announced its earnings results on Monday, August 23rd. The company reported $2.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $3.07. The company had revenue of $23.05 billion during the quarter, compared to analysts’ expectations of $26.53 billion. Pinduoduo had a negative net margin of 3.02% and a negative return on equity of 3.82%. The business’s revenue was up 89.0% on a year-over-year basis. Equities research analysts predict that Pinduoduo Inc. will post 0.63 earnings per share for the current fiscal year.
Pinduoduo, Inc operates as a holding company, which engages in the development and management of an e-commerce platform. Its Pinduoduo mobile application offers a selection of merchandise for buyer acquisition and engagement. The company was founded by Hua Lin Cai and Zheng Huang on April 20, 2015 and is headquartered in Shanghai, China.
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