Why Pinduoduo's Stock Is Moving Today

Pinduoduo Inc. (NASDAQ:PDD) shares are trading higher on Monday after Bernstein initiated coverage on the company's stock with an Outperform rating and announced an $89 price target.

Pinduoduo provides a platform for buyers with value-for-money merchandise and fun and interactive shopping experiences. The company mobile platform offers a comprehensive selection of priced merchandise, featuring a social shopping experience that leverages social networks as an effective and efficient tool for buyer acquisition and engagement. The company's whole revenue is derived from within the People's Republic of China.

Pinduoduo shares were trading at $72.30 at the open and have dropped to $68.61, trading down 1.56% at the time of publication. The stock has a 52-week high of $73.17 and a 52-week low of $19.10

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