Brokers Set Expectations for Pinterest, Inc.’s Q2 2024 Earnings (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Stock analysts at Wedbush increased their Q2 2024 earnings estimates for Pinterest in a research note issued on Wednesday, May 1st. Wedbush analyst S. Devitt now forecasts that the company will earn $0.04 per share for the quarter, up from their previous estimate of $0.03. Wedbush currently has a “Neutral” rating and a $44.00 price target on the stock. The consensus estimate for Pinterest’s current full-year earnings is $0.43 per share. Wedbush also issued estimates for Pinterest’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $0.56 EPS and FY2025 earnings at $0.85 EPS.

PINS has been the subject of several other reports. JPMorgan Chase & Co. upped their price target on shares of Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Roth Mkm raised their target price on Pinterest from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Citigroup upped their price target on Pinterest from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Evercore ISI lifted their price objective on Pinterest from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Finally, Loop Capital increased their target price on shares of Pinterest from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.26.

Pinterest Price Performance

Pinterest stock opened at $41.92 on Monday. The stock’s fifty day moving average price is $35.03 and its two-hundred day moving average price is $34.79. The firm has a market cap of $28.64 billion, a PE ratio of 199.63, a price-to-earnings-growth ratio of 4.02 and a beta of 0.99. Pinterest has a one year low of $20.88 and a one year high of $42.09.

Pinterest (NYSE:PINS) last announced its earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The company had revenue of $981.26 million for the quarter, compared to analysts’ expectations of $988.62 million.

Institutional Trading of Pinterest

A number of institutional investors and hedge funds have recently modified their holdings of PINS. GAMMA Investing LLC purchased a new position in Pinterest in the fourth quarter valued at about $27,000. Rakuten Securities Inc. bought a new position in Pinterest during the fourth quarter valued at $30,000. Washington Trust Advisors Inc. increased its position in Pinterest by 46.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock worth $38,000 after buying an additional 326 shares during the last quarter. Quent Capital LLC raised its stake in shares of Pinterest by 71.2% in the first quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 460 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Pinterest during the 4th quarter valued at $43,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,934 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now directly owns 31,646 shares of the company’s stock, valued at $1,055,077.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now owns 31,646 shares in the company, valued at approximately $1,055,077.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares in the company, valued at $17,762,886.96. The disclosure for this sale can be found here. Insiders sold a total of 164,471 shares of company stock valued at $5,773,431 over the last three months. Corporate insiders own 7.11% of the company’s stock.

About Pinterest

Pinterest, Inc operates as a visual search and discovery platform in the United States and internationally. Its platform allows people to find ideas, such as recipes, home and style inspiration, and others; and to search, save, and shop the ideas. The company was formerly known as Cold Brew Labs Inc and changed its name to Pinterest, Inc in April 2012.