JD.com. Its revenue grew by 97% year over year in 2020.
But Pinduoduo's share-price climb seems to have run out of steam, despite continued strength for some other tech bellwethers.
Facebook share prices even hit an all-time high last week, underscoring that there's sustained demand among investors for quality tech names. Pinduoduo stock, on the other hand, is now trading down about 37% from its peak in mid-February.
Here's why the company and its stock may have fallen out of favor.
Image source: Getty Images.
3 reasons Pinduoduo stock has tumbled in 2021
Pinduoduo's emergence as a major force in e-commerce has been nothing short of remarkable. In just five short years, it went from an unknown start-up to China's biggest e-commerce platform, with more active buyers than Alibaba. Revenue grew at a stunning rate and hit 59.5 billion yuan ($9.2 billion) in 2020, almost doubling year over year.