Pinduoduo Inc (NASDAQ:PDD) Sees Large Growth in Short Interest

Pinduoduo Inc (NASDAQ:PDD) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 22,314,781 shares, a growth of 66.9% from the August 15th total of 13,373,757 shares. Based on an average daily trading volume, of 5,653,137 shares, the short-interest ratio is presently 3.9 days.

PDD traded down $0.92 during trading on Friday, hitting $21.78. 10,325,819 shares of the stock traded hands, compared to its average volume of 7,153,736. Pinduoduo has a 12-month low of $17.20 and a 12-month high of $30.48.

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

Separately, Goldman Sachs Group initiated coverage on shares of Pinduoduo in a research note on Thursday, September 13th. They issued a “buy” rating and a $31.90 price objective for the company.

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.

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