Connect with us

Business

Pinterest Stock Sees Uptick and Institutional Interest Ahead of Earnings Report

Published

on

Pinterest Stock Price Graph November 2024

Pinterest Inc. (NYSE: PINS) has seen a notable increase in its stock price in recent days, with the stock trading up by 2.25% in the past 24 hours to reach $34.22 as of November 7, 2024.

The company is set to release its earnings report after market close on November 7, 2024, a highly anticipated event that could significantly impact the stock’s performance. Analysts are closely watching the earnings report, as it could either reinforce or break the current upward channel in which the stock is trading.

Institutional investors have been showing increased confidence in Pinterest. Kornitzer Capital Management Inc. KS boosted its stake in Pinterest by 20.3% during the third quarter, acquiring an additional 68,096 shares and bringing its total holdings to 404,296 shares. This move reflects a broader trend, with institutional investors and hedge funds owning 88.81% of the company’s stock.

Analyst forecasts remain positive, with a consensus rating of “Moderate Buy” and an average price target of $43.56, indicating a potential upside of 33.12% from the current price. Several analysts have recently adjusted their price targets, with KeyCorp and Deutsche Bank maintaining a “buy” rating and setting price targets of $45.00 and $43.00, respectively.

Pinterest’s financial metrics also show stability, with a market capitalization of $21.97 billion and an enterprise value of $19.39 billion. The company reported revenue of $3.34 billion and net income of $191.99 million in the last 12 months.

The short interest in Pinterest has also been a point of interest, with 3.39% of the outstanding shares sold short, indicating some skepticism but also potential for a short squeeze if the earnings report is favorable.

Times News Global

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.

Recent Posts