Pinterest (NYSE:PINS) Trading Down 3% After Insider Selling

Pinterest, Inc. (NYSE:PINS)’s stock price dropped 3% during trading on Tuesday following insider selling activity. The stock traded as low as $24.56 and last traded at $24.64. Approximately 1,118,147 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 11,149,253 shares. The stock had previously closed at $25.40.

Specifically, Director Jeffrey D. Jordan sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $30.70, for a total value of $76,750.00. Following the completion of the transaction, the director now directly owns 169,215 shares in the company, valued at approximately $5,194,900.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Jeffrey D. Jordan sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $30.70, for a total value of $76,750.00. Following the completion of the transaction, the director now directly owns 169,215 shares in the company, valued at approximately $5,194,900.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Benjamin Silbermann sold 130,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $26.00, for a total transaction of $3,380,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 663,566 shares of company stock worth $18,069,118. Insiders own 6.85% of the company’s stock.

Analyst Upgrades and Downgrades

PINS has been the subject of a number of research analyst reports. Wedbush initiated coverage on shares of Pinterest in a research report on Monday, August 21st. They issued a “neutral” rating and a $30.00 target price for the company. Rosenblatt Securities raised shares of Pinterest from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $35.00 in a research report on Wednesday, August 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Pinterest from $26.00 to $30.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. Robert W. Baird boosted their price objective on shares of Pinterest from $30.00 to $34.00 in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus upped their target price on shares of Pinterest from $25.00 to $27.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Twelve research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $30.58.

Pinterest Price Performance

The stock’s 50-day moving average is $27.45 and its two-hundred day moving average is $26.14.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, August 1st. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The company had revenue of $708.03 million for the quarter, compared to analyst estimates of $698.28 million. Pinterest had a negative net margin of 10.14% and a negative return on equity of 4.59%. As a group, equities research analysts predict that Pinterest, Inc. will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pinterest

Hedge funds have recently added to or reduced their stakes in the stock. Cohanzick Management LLC bought a new position in Pinterest in the 1st quarter worth about $25,000. Compass Wealth Management LLC purchased a new position in Pinterest during the second quarter valued at approximately $27,000. BOKF NA purchased a new position in Pinterest in the first quarter worth $28,000. Private Trust Co. NA grew its holdings in Pinterest by 315.3% in the first quarter. Private Trust Co. NA now owns 1,142 shares of the company’s stock worth $31,000 after purchasing an additional 867 shares during the last quarter. Finally, Pinnacle Holdings LLC purchased a new position in Pinterest in the first quarter worth $35,000. 72.63% of the stock is currently owned by institutional investors.

Pinterest Company Profile

Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find ideas, such as recipes, home and style inspiration, and others; provides video, product, and idea pins; and offers organizing and planning tools. It shows organic recommendations and advertising engine based on pinners tastes and preferences; and enables pinners with shoppable product pins, which include price, color, and size that redirect to retailer websites.