Pinduoduo Inc (NASDAQ:PDD) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 23,160,257 shares, a growth of 28.3% from the October 15th total of 18,050,118 shares. Based on an average trading volume of 5,654,013 shares, the days-to-cover ratio is presently 4.1 days.
Institutional investors and hedge funds have recently modified their holdings of the stock. Ariose Capital Management Ltd purchased a new stake in Pinduoduo during the 3rd quarter worth about $8,990,000. Taikang Asset Management Hong Kong Co Ltd purchased a new stake in Pinduoduo during the 3rd quarter worth about $9,031,000. TB Alternative Assets Ltd. purchased a new stake in Pinduoduo during the 3rd quarter worth about $9,309,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in Pinduoduo during the 3rd quarter worth about $546,000. Finally, Tiger Pacific Capital LP purchased a new stake in Pinduoduo during the 3rd quarter worth about $10,089,000. 0.11% of the stock is currently owned by institutional investors and hedge funds.
PDD stock opened at $18.31 on Friday. Pinduoduo has a fifty-two week low of $17.00 and a fifty-two week high of $30.48.
Pinduoduo (NASDAQ:PDD) last issued its quarterly earnings data on Thursday, August 30th. The company reported ($2.04) earnings per share (EPS) for the quarter. The company had revenue of $409.40 million during the quarter.
Separately, Goldman Sachs Group started coverage on Pinduoduo in a research note on Thursday, September 13th. They set a “buy” rating and a $31.90 price target for the company.
ILLEGAL ACTIVITY NOTICE: “Short Interest in Pinduoduo Inc (PDD) Rises By 28.3%” was first published by American Banking News and is owned by of American Banking News. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The original version of this news story can be viewed at https://www.americanbankingnews.com/2018/11/10/short-interest-in-pinduoduo-inc-pdd-rises-by-28-3.html.
Pinduoduo Company Profile
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.
Read More: Investing in Growth Stocks
Receive News & Ratings for Pinduoduo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinduoduo and related companies with MarketBeat.com's FREE daily email newsletter.