5 Best Grocery Stocks to Buy

4. Pinduoduo Inc. (NASDAQ: PDD)

Number of Hedge Fund Holders: 56

Pinduoduo Inc. (NASDAQ: PDD) is a Chinese company operating an e-commerce platform in China. The mobile platform Pinduoduo offers various products, including food and beverages and fresh produce or grocery products. The company ranks 4th on our list of the best grocery stocks to buy.

In the first quarter of 2021, Pinduoduo Inc. (NASDAQ: PDD) had EPS valued at -$0.24, beating estimates by $0.14, and its revenue was valued at $3.47 billion, representing a 278.06% growth year over year and beating estimates by $269.66 million. It has a gross profit margin of 62.47% and has gained 43.92% in the past year. The stock has a consensus Buy rating according to the Wall Street Journal.

By the end of the first quarter of 2021, 56 hedge fund holders held stakes in Pinduoduo Inc. (NASDAQ: PDD), valued at roughly $6.29 billion. This is compared to 54 hedge fund holders in the previous quarter with a total stake value of roughly $10.5 billion.

Tao Value, an investment management firm, mentioned Pinduoduo Inc. (NASDAQ: PDD) in its first-quarter 2021 investor letter. Here’s what they said:

“Pinduoduo reported a strong quarter, reporting MAU of 720 million, now surpassing Taobao. However, it was overshadowed by a bigger news on Colin Huang resigning from Board and completely disassociating himself from PDD’s management & operation. Huang explained in his letter to shareholders that he would start fundamental research initiatives in food science. Although not entirely shocked (as he already stepped down from CEO July 2020), I am surprised by the fast pace of such transition. I remain confident in the organization and the culture Huang built but will monitor it closely.”