Wedbush Weighs in on Pinterest, Inc.’s Q3 2024 Earnings (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Analysts at Wedbush decreased their Q3 2024 earnings estimates for shares of Pinterest in a research note issued to investors on Wednesday, July 31st. Wedbush analyst S. Devitt now forecasts that the company will post earnings of $0.10 per share for the quarter, down from their prior estimate of $0.12. Wedbush currently has a “Neutral” rating and a $37.00 price target on the stock. The consensus estimate for Pinterest’s current full-year earnings is $0.44 per share. Wedbush also issued estimates for Pinterest’s Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $0.47 EPS and FY2025 earnings at $0.72 EPS.

Other equities research analysts have also recently issued reports about the stock. Loop Capital boosted their price objective on shares of Pinterest from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $52.00 target price on shares of Pinterest in a report on Monday, July 29th. Sanford C. Bernstein lifted their price objective on Pinterest from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Wednesday, May 1st. The Goldman Sachs Group increased their target price on shares of Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, KeyCorp reduced their price target on shares of Pinterest from $45.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-one 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 $42.71.

Pinterest Trading Up 0.7 %

Shares of PINS opened at $28.85 on Monday. The firm has a fifty day moving average price of $40.96 and a 200-day moving average price of $38.28. The firm has a market capitalization of $19.71 billion, a P/E ratio of 137.39, a P/E/G ratio of 3.13 and a beta of 0.97. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $853.68 million during the quarter, compared to analyst estimates of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. Pinterest’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period last year, the company earned ($0.04) EPS.

Insiders Place Their Bets

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.90, for a total value of $168,795.50. Following the completion of the transaction, the chief accounting officer now owns 189,470 shares in the company, valued at approximately $8,317,733. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of Pinterest stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the transaction, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.90, for a total transaction of $168,795.50. Following the completion of the transaction, the chief accounting officer now directly owns 189,470 shares of the company’s stock, valued at $8,317,733. The disclosure for this sale can be found here. Insiders sold 50,250 shares of company stock worth $2,191,304 over the last three months. 7.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinterest

Several hedge funds and other institutional investors have recently modified their holdings of PINS. Wellington Shields Capital Management LLC acquired a new stake in shares of Pinterest in the second quarter valued at approximately $26,000. GAMMA Investing LLC bought a new position in Pinterest in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. acquired a new stake in Pinterest in the 4th quarter valued at approximately $30,000. Hexagon Capital Partners LLC raised its stake in Pinterest by 157.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock valued at $33,000 after acquiring an additional 459 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in Pinterest during the 2nd quarter worth $35,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Company Profile

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.