Maybe, but it wouldn’t be your standard conception of “Real Presence” that a Catholic, Anglican, Lutheran, or Orthodox would subscribe to. To tell the truth, there has been very little sustained discussion by Pentecostals as to how Christ is present in the Lord’s Supper.
Holy Communion, for Pentecostals, is primarily a rite that calls the church to unity in Christ, that is a celebration of Christ’s sacrificial death (i.e. a reminder that Christians are participants in an ongoing redemptive event; the Christian Passover), and where the Holy Spirit ministers to communicants.
Pentecostals typically believe that Christ’s tangible, manifest presence can be made known at any moment, not just in a sacrament. But often in taking communion, the Lord’s presence will be felt and there will be weeping, shouting, and deeper insight into Christ’s redemptive work.
There is a strong belief in the healing properties of the Lord’s Supper. William Seymour of Azusa St. wrote:
Many are sickly and fall asleep because they do not dIscern the Lord’s body. . . . You come to the Lord’s table and yet you do not believe in full salvation for soul and body. You take the cup and eat the bread, and yet deny the body of the Lord for health and salvation. So you are sick because you do not discern the body of the Lord. . . . Dear beloved this means that we must honor the atonement of our Lord Jesus Christ in all its fullness . . . Let us take the Lamb’s body through faith in our Lord for salvation and healing of these bodies as we honor His blood for saving and sanctifying our soul and spirit. Amen.
Cecil Knight writes:
There is deep spiritual meaning in the Lord’s Supper. The participant does not merely look at the symbols; he receives spiritual food. Just as the bread and the fruit of the vine will nourish and invigorate the body of man, so Christ, through Communion, sustains and quickens the soul. When a Christian truly worships Christ in the Lord’s Supper, he is ministered to by the Holy Spirit, thereby receiving strength and a deep abiding peace
However, this can all be understood in terms of pneumatic presence and does not require a corporeal explanation.Which is why I said some Pentecostals may subscribe to a radical form of pneumatic presence that borders on Real Presence but is probably not quite your standard concept of Real Presence.