Facebook, Snapchat, and Twitter are getting all of the attention in the social media investing world. However, Pinterest has significantly outperformed all of these companies in 2020. So far, Pinterest stock has surged about 125 percent this year and easily outpaced Facebook's, Twitter's, and Snap's gains of 25 percent, 40 percent, and 60 percent, respectively.
Also, many Wall Street analysts think that Pinterest has even more upside. The company could be worth $100 billion by 2030, which is significantly higher than its current valuation of $26 billion.
What is Pinterest?
Pinterest is an online social media and image sharing company. The company is designed as a savings and idea discovery platform on everything from travel destinations to recipes. Ben Silbermann, Paul Sciarra, and Evan Sharp started Pinterest in December 2009. As of August 2020, Pinterest had more than 400 million monthly active users. The social networking company generates revenues by selling digital ads.
What is Pinterest's stock news?
Pinterest broke the daily download record, according to Tech Crunch. The image-sharing app experienced higher downloads from users seeking home screen design ideas after the release of Apple’s iOS 14.
According to a CNN report, “Pinterest's new Story Pins feature, which lets creators post a mix of photos, video, audio and text, could help the company attract more users…particularly Gen Z consumers who have flocked to Snapchat, Facebook-owned Instagram and embattled video app TikTok.”
Earlier this week, Guggenheim analyst Michael Morris initiated coverage on Pinterest stock with a buy rating and a target price of $48.
What is Pinterest stock after hours?
On Oct. 1, Pinterest stock rose about 1 percent in after-hours trading. In the after-hours trading, the stock made a high of $45.00 and a low of $44.53.
What is Pinterest's stock price today?
Pinterest stock was down about 2.9 percent at $43.26 in pre-market trading on Oct. 2 as of this article's writing. The stock rose 7.3 percent on Oct. 1 and closed at $44.53 with a market capitalization of $26.7 billion. Pinterest stock has risen by 8.7 percent in the last five days and 68 percent in the last year.
Pinterest stock is trading 0.4 percent below its 52-week high of $44.70 and 340.9 percent above its 52-week low of $10.10. Year-to-date, the stock had risen by 138.9 percent as of Oct. 1.
Should you buy Pinterest stock?
Currently, analysts' stock price forecast for Pinterest is $38.23, which suggests a 14.1 percent downside. The highest target price of $50 implies a 12.2 percent upside, while the lowest target price of $18 suggests a 59.6 percent downside. Among the 29 Wall Street analysts tracking Pinterest, 14 recommend a buy, 13 recommend a hold, and two recommend a sell.