Short Interest in Pinduoduo Inc (PDD) Rises By 28.3%

Pinduoduo Inc (NASDAQ:PDD) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 23,160,257 shares, an increase of 28.3% from the October 15th total of 18,050,118 shares. Based on an average daily volume of 5,654,013 shares, the short-interest ratio is presently 4.1 days.

NASDAQ PDD opened at $18.31 on Friday. Pinduoduo has a 12-month low of $17.00 and a 12-month high of $30.48.

Pinduoduo (NASDAQ:PDD) last posted its quarterly earnings results on Thursday, August 30th. The company reported ($2.04) earnings per share (EPS) for the quarter. The firm had revenue of $409.40 million for the quarter.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. TB Alternative Assets Ltd. bought a new stake in Pinduoduo during the 3rd quarter worth approximately $9,309,000. First Trust Advisors LP bought a new stake in Pinduoduo during the 3rd quarter worth approximately $589,000. Ariose Capital Management Ltd bought a new stake in Pinduoduo during the 3rd quarter worth approximately $8,990,000. Taikang Asset Management Hong Kong Co Ltd bought a new stake in Pinduoduo during the 3rd quarter worth approximately $9,031,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new stake in Pinduoduo during the 3rd quarter worth approximately $546,000. 0.11% of the stock is currently owned by institutional investors.

Separately, Goldman Sachs Group assumed coverage on shares of Pinduoduo in a research report on Thursday, September 13th. They issued a “buy” rating and a $31.90 price target on the stock.

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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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