Pinterest, Inc. to Post Q3 2024 Earnings of $0.10 Per Share, Wedbush Forecasts (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Equities researchers at Wedbush dropped their Q3 2024 earnings per share estimates for shares of Pinterest in a research report issued to clients and investors on Wednesday, July 31st. Wedbush analyst S. Devitt now anticipates that the company will post earnings per share of $0.10 for the quarter, down from their previous estimate of $0.12. Wedbush currently has a “Neutral” rating and a $37.00 target price 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.

Pinterest (NYSE:PINS) last released its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The firm had revenue of $853.68 million for 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%. The company’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) earnings per share.

Several other research firms have also recently commented on PINS. Wolfe Research assumed coverage on shares of Pinterest in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. KeyCorp reduced their price objective on Pinterest from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Evercore ISI decreased their price objective on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Susquehanna cut their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research note on Wednesday, July 31st. Finally, Barclays decreased their price target on shares of Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.71.

Pinterest Price Performance

NYSE:PINS opened at $28.85 on Monday. The business’s 50-day simple moving average is $40.96 and its 200-day simple moving average is $38.28. Pinterest has a fifty-two week low of $23.59 and a fifty-two week high of $45.19. The stock has a market capitalization of $19.71 billion, a PE ratio of 137.39, a price-to-earnings-growth ratio of 3.13 and a beta of 0.97.

Insider Activity at Pinterest

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the completion of the sale, the chief financial officer now owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Andrea Acosta sold 2,564 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $45.00, for a total value of $115,380.00. Following the sale, the chief accounting officer now directly owns 186,906 shares of the company’s stock, valued at $8,410,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the transaction, the chief financial officer now directly owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The disclosure for this sale can be found here. Insiders sold a total of 50,250 shares of company stock valued at $2,191,304 over the last quarter. 7.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

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