Pinterest, Inc. (NYSE:PINS – Get Rating) was the target of unusually large options trading activity on Thursday. Investors purchased 85,588 call options on the stock. This is an increase of approximately 46% compared to the average daily volume of 58,815 call options.
Insiders Place Their Bets
In other Pinterest news, SVP Naveen Gavini sold 4,756 shares of the firm's stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $24.50, for a total value of $116,522.00. Following the completion of the sale, the senior vice president now owns 464,979 shares of the company's stock, valued at $11,391,985.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Naveen Gavini sold 4,756 shares of Pinterest stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $24.50, for a total transaction of $116,522.00. Following the completion of the sale, the senior vice president now owns 464,979 shares of the company's stock, valued at $11,391,985.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Benjamin Silbermann sold 150,000 shares of Pinterest stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $24.50, for a total transaction of $3,675,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,588,857 shares of company stock valued at $63,670,284 over the last 90 days. Insiders own 7.58% of the company's stock.
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Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Elliott Investment Management L.P. raised its position in Pinterest by 200.0% during the third quarter. Elliott Investment Management L.P. now owns 15,000,000 shares of the company's stock valued at $349,500,000 after acquiring an additional 10,000,000 shares in the last quarter. Marshall Wace LLP raised its position in Pinterest by 627.8% during the third quarter. Marshall Wace LLP now owns 10,282,402 shares of the company's stock valued at $239,583,000 after acquiring an additional 8,869,542 shares in the last quarter. Bank of Nova Scotia raised its position in Pinterest by 632.6% during the second quarter. Bank of Nova Scotia now owns 10,229,664 shares of the company's stock valued at $185,784,000 after acquiring an additional 8,833,290 shares in the last quarter. Renaissance Technologies LLC raised its position in Pinterest by 262.8% during the first quarter. Renaissance Technologies LLC now owns 11,515,600 shares of the company's stock valued at $283,399,000 after acquiring an additional 8,341,222 shares in the last quarter. Finally, Natixis raised its position in Pinterest by 92.5% during the second quarter. Natixis now owns 9,818,000 shares of the company's stock valued at $179,645,000 after acquiring an additional 4,718,191 shares in the last quarter. 71.95% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on PINS shares. Piper Sandler raised shares of Pinterest from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $25.00 to $30.00 in a research note on Tuesday, December 13th. Credit Suisse Group upped their target price on Pinterest from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Wednesday, January 25th. MKM Partners downgraded Pinterest from a "buy" rating to a "neutral" rating and set a $27.00 price target on the stock. in a report on Friday, January 20th. Barclays upped their price objective on Pinterest from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Friday, October 28th. Finally, Royal Bank of Canada raised their price objective on Pinterest from $23.00 to $24.00 and gave the company a "sector perform" rating in a research report on Friday, October 28th. Fourteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $28.71.
Pinterest Stock Up 9.0 %
Shares of NYSE:PINS opened at $29.10 on Friday. Pinterest has a 52-week low of $16.14 and a 52-week high of $29.17. The stock has a market cap of $19.74 billion, a price-to-earnings ratio of 415.77 and a beta of 0.98. The business has a 50-day moving average price of $25.10 and a 200-day moving average price of $23.67.
Pinterest Company Profile
(Get Rating)
Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others; and provides video, product, and idea pins. It shows visual machine learning recommendations based on pinners taste and interests.
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