If duck is hot, it will stop panting after you put it in the water. If the water had no effect, it is less likely the duck is overheating.
Another possibility is that is have seen this with my drake before as his voice was changing. No sound came out. Just an open mouth screaming silently.
I have also had a few of my ducks so this when they were upset. I usually found it with some of my broody ducks, which yours is clearly too young for that; but others of mine have also done it when really upset.
If the duck hasn't been doing it for very long, it is also possible there is something stuck in it's throat. Usually they shake their head trying to dislodge it. So I think this possibility is less likely.