New Buy Rating for Pinduoduo (PDD), the Technology Giant

In a report released yesterday, Gregory Zhao from Barclays maintained a Buy rating on Pinduoduo (PDDResearch Report), with a price target of $40.00. The company’s shares closed last Monday at $33.99.

According to TipRanks.com, Zhao is a 3-star analyst with an average return of 1.9% and a 50.0% success rate. Zhao covers the Technology sector, focusing on stocks such as Tencent Holdings, GSX Techedu, and NetEase.

Pinduoduo has an analyst consensus of Strong Buy, with a price target consensus of $42.67, representing a 32.4% upside. In a report issued on November 21, Macquarie also initiated coverage with a Buy rating on the stock with a $62.00 price target.

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Based on Pinduoduo’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $333 million. In comparison, last year the company had a GAAP net loss of $161 million.

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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.