Baillie Gifford & Co. bought a new stake in shares of Pinduoduo Inc (NASDAQ:PDD) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,951,456 shares of the company’s stock, valued at approximately $130,173,000. Baillie Gifford & Co. owned about 0.45% of Pinduoduo at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in PDD. TB Alternative Assets Ltd. acquired a new stake in shares of Pinduoduo in the 3rd quarter valued at about $9,309,000. First Trust Advisors LP acquired a new stake in shares of Pinduoduo in the 3rd quarter valued at about $589,000. Ariose Capital Management Ltd acquired a new stake in shares of Pinduoduo in the 3rd quarter valued at about $8,990,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Pinduoduo in the 3rd quarter valued at about $9,031,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Pinduoduo in the 3rd quarter valued at about $546,000. 2.72% of the stock is owned by institutional investors and hedge funds.
NASDAQ:PDD opened at $22.44 on Friday. Pinduoduo Inc has a 52-week low of $16.53 and a 52-week high of $30.48.
Pinduoduo (NASDAQ:PDD) last released its earnings results on Tuesday, November 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.08. The company had revenue of $491.03 million during the quarter.
PDD has been the topic of a number of recent research reports. Goldman Sachs Group initiated coverage on Pinduoduo in a research report on Thursday, September 13th. They issued a “buy” rating and a $31.90 target price on the stock. Credit Suisse Group set a $26.00 target price on Pinduoduo and gave the company a “buy” rating in a research report on Wednesday, November 21st.
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.
Further Reading: Reverse Stock Split
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