Pinterest (NYSE:PINS) Shares Down 4.7%

Pinterest, Inc. (NYSE:PINS)’s stock price was down 4.7% during mid-day trading on Wednesday . The stock traded as low as $38.75 and last traded at $38.90. Approximately 1,347,878 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 9,120,713 shares. The stock had previously closed at $40.82.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PINS shares. Citigroup raised their price objective on Pinterest from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. KeyCorp lowered their price objective on Pinterest from $48.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Roth Mkm raised their price objective on Pinterest from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $52.00 price objective on shares of Pinterest in a research note on Friday, June 14th. Finally, The Goldman Sachs Group raised their price target on Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Nine analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

Pinterest Stock Performance

The stock has a fifty day moving average price of $42.40 and a 200-day moving average price of $38.53. The firm has a market capitalization of $25.86 billion, a PE ratio of 180.29, a P/E/G ratio of 3.79 and a beta of 0.97.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The business had revenue of $739.98 million for the quarter, compared to the consensus estimate of $699.96 million. Research analysts expect that Pinterest, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now directly owns 29,712 shares in the company, valued at approximately $1,255,332. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Wanjiku Juanita Walcott sold 11,627 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total transaction of $481,590.34. Following the transaction, the insider now directly owns 307,256 shares in the company, valued at approximately $12,726,543.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now owns 29,712 shares in the company, valued at $1,255,332. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,250 shares of company stock worth $2,191,304. 7.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mutual Advisors LLC acquired a new stake in Pinterest during the 4th quarter worth about $241,000. HB Wealth Management LLC lifted its position in Pinterest by 4.6% during the 4th quarter. HB Wealth Management LLC now owns 10,875 shares of the company’s stock worth $403,000 after acquiring an additional 476 shares during the period. Raymond James & Associates lifted its position in Pinterest by 54.2% during the 4th quarter. Raymond James & Associates now owns 752,594 shares of the company’s stock worth $27,876,000 after acquiring an additional 264,582 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Pinterest by 55.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock worth $6,477,000 after acquiring an additional 62,117 shares during the period. Finally, Washington Trust Advisors Inc. lifted its position in Pinterest by 46.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares during the period. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

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.