Pinduoduo Inc (NASDAQ:PDD) is WT Asset Management Ltd’s 3rd Largest Position

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WT Asset Management Ltd cut its position in shares of Pinduoduo Inc (NASDAQ:PDD) by 53.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 886,191 shares of the company’s stock after selling 1,013,474 shares during the period. Pinduoduo makes up 11.0% of WT Asset Management Ltd’s portfolio, making the stock its 3rd largest holding. WT Asset Management Ltd owned about 0.08% of Pinduoduo worth $28,553,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PDD. Pentwater Capital Management LP boosted its position in Pinduoduo by 50.0% in the 2nd quarter. Pentwater Capital Management LP now owns 90,000 shares of the company’s stock valued at $1,857,000 after buying an additional 30,000 shares during the period. Xact Kapitalforvaltning AB purchased a new stake in Pinduoduo in the 2nd quarter valued at about $1,238,000. AIA Group Ltd purchased a new stake in Pinduoduo in the 2nd quarter valued at about $14,852,000. Wells Fargo & Company MN boosted its position in Pinduoduo by 76.3% in the 2nd quarter. Wells Fargo & Company MN now owns 626,290 shares of the company’s stock valued at $12,920,000 after buying an additional 271,012 shares during the period. Finally, Monashee Investment Management LLC purchased a new stake in Pinduoduo in the 2nd quarter valued at about $722,000. 12.67% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have issued reports on the stock. Credit Suisse Group cut shares of Pinduoduo from an “outperform” rating to a “neutral” rating in a research report on Tuesday, July 16th. Zacks Investment Research raised shares of Pinduoduo from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Friday. ValuEngine cut shares of Pinduoduo from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Bank of America boosted their price objective on shares of Pinduoduo from $29.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Benchmark boosted their price objective on shares of Pinduoduo from $28.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $34.22.

Shares of PDD traded down $0.35 during mid-day trading on Tuesday, hitting $41.57. The company’s stock had a trading volume of 4,072,900 shares, compared to its average volume of 7,370,493. The company’s 50-day moving average is $36.22 and its 200-day moving average is $27.00. Pinduoduo Inc has a 52-week low of $16.53 and a 52-week high of $45.25. The firm has a market capitalization of $48.15 billion, a price-to-earnings ratio of -20.79 and a beta of 1.49. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.01.

Pinduoduo (NASDAQ:PDD) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($0.12) earnings per share for the quarter, topping 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 firm had revenue of $7.29 billion during the quarter, compared to analysts’ expectations of $6.15 billion. The company’s revenue was up 169.1% compared to the same quarter last year. As a group, sell-side analysts predict that Pinduoduo Inc will post -0.61 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for Pinduoduo (NASDAQ:PDD)

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