Pinterest (PINS) Stock News and Forecast: Earnings see shares rise, but can it continue?
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CLAIM OFFER- Pinterest shares rise over 12% in the premarket on Friday.
- PINS stock surges down to an earnings beat on the top and bottom lines.
- Pinterest shares remain in a long-term downtrend.
Pinterest (PINS) reported strong earnings after the close Thursday night that saw the stock move up over 18% in afterhours trading. So far, most of those gains are holding early on Friday with PINS at $27.70. This represents a gain of 13% from Thursday's close.
Pinterest Stock News
Earnings per share came in at $0.49 versus consensus estimates for $0.45. Revenue hit $846.7 million versus consensus estimates of $827.2 million. The shares immediately jumped on the news.
"We took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform. And, I'm proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full-year of GAAP profitability," said Ben Silbermann, CEO and co-founder of Pinterest.
PINS was set up for outperformance and the risk-reward was clearly to the upside. PINS stock had closed the regular session on Thursday down over 10% as the read-across from Facebook saw investors dump the stock. Just like Amazon, a surprise to the upside offered a better risk-reward profile, and so it proved with investors rushing to cover positions.
Pinterest Stock Forecast
Pinterest remains mired in a long-term downtrend. Paypal (PYPL) had been rumoured to be in discussion to acquire PINS back in October of last year. PINS shares had spiked to $65 on the rumour, but supposedly Paypal shareholders resisted and nothing ever happened. This led PINS shares on a steady downweard path ever since. The shares are down nearly 70% in the last year and 26% already this year. This move does not really do much to turn that trend around in our view. The big damage was done in the break of $32.34. That remains the bullish pivot. The first support is at $24.08.
Pinterest (PINS) chart, 20 hourly
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- Pinterest shares rise over 12% in the premarket on Friday.
- PINS stock surges down to an earnings beat on the top and bottom lines.
- Pinterest shares remain in a long-term downtrend.
Pinterest (PINS) reported strong earnings after the close Thursday night that saw the stock move up over 18% in afterhours trading. So far, most of those gains are holding early on Friday with PINS at $27.70. This represents a gain of 13% from Thursday's close.
Pinterest Stock News
Earnings per share came in at $0.49 versus consensus estimates for $0.45. Revenue hit $846.7 million versus consensus estimates of $827.2 million. The shares immediately jumped on the news.
"We took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform. And, I'm proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full-year of GAAP profitability," said Ben Silbermann, CEO and co-founder of Pinterest.
PINS was set up for outperformance and the risk-reward was clearly to the upside. PINS stock had closed the regular session on Thursday down over 10% as the read-across from Facebook saw investors dump the stock. Just like Amazon, a surprise to the upside offered a better risk-reward profile, and so it proved with investors rushing to cover positions.
Pinterest Stock Forecast
Pinterest remains mired in a long-term downtrend. Paypal (PYPL) had been rumoured to be in discussion to acquire PINS back in October of last year. PINS shares had spiked to $65 on the rumour, but supposedly Paypal shareholders resisted and nothing ever happened. This led PINS shares on a steady downweard path ever since. The shares are down nearly 70% in the last year and 26% already this year. This move does not really do much to turn that trend around in our view. The big damage was done in the break of $32.34. That remains the bullish pivot. The first support is at $24.08.
Pinterest (PINS) chart, 20 hourly
Like this article? Help us with some feedback by answering this survey:
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