Pinterest Inc (NYSE: PINS): Stock Forecast For 2024 Sees A An Incline Of 33.28%

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In the last trading session, 7.48 million shares of the Pinterest Inc (NYSE:PINS) were traded, and its beta was 0.99. Most recently the company’s share price was $35.32, and it changed around $0.65 or 1.87% from the last close, which brings the market valuation of the company to $23.98B. PINS currently trades at a discount to its 52-week high of $41.60, offering almost -17.78% off that amount. The share price’s 52-week low was $20.60, which indicates that the current value has risen by an impressive 41.68% since then. We note from Pinterest Inc’s average daily trading volume that its 10-day average is 8.38 million shares, with the 3-month average coming to 10.18 million.

Pinterest Inc (NYSE:PINS) trade information

Instantly PINS has showed a green trend with a performance of 1.87% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -4.64% year-to-date, but still up 4.22% over the last five days. On the other hand, Pinterest Inc (NYSE:PINS) is -3.76% down in the 30-day period. We can see from the shorts that 24.5 million shares have been sold at a short interest cover period of 2.82 day(s).

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The consensus price target as assigned by Wall Street analysts is $38.34, which translates to bulls needing to increase their stock price by 7.88% from its current value. Analyst projections state that PINS is forecast to be at a low of $18 and a high of $100.

Pinterest Inc (PINS) estimates and forecasts

Pinterest Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 33.33 percent over the past six months and at a 22.94% annual growth rate that is well above the industry average of 19.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 62.50% in revenue this quarter, and will report an increase of 19.00% in the next quarter. The year-over-year growth rate is expected to be 17.70%, up from the previous year.

Consensus estimates provided by 28 financial analysts predict the company will bring in an average of $700 million in revenue for the current quarter. 28 analysts expect Pinterest Inc to make $827.47 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $602.58 million and $708.02 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 16.20%. Forecasts for the next quarter put sales growth at 16.90%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 14.64%. Pinterest Inc earnings are expected to increase by 23.92% in 2024, but the outlook is positive 23.30% per year for the next five years.

PINS Dividends

Pinterest Inc’s next quarterly earnings report is expected to be released around April 25 and April 29.

Pinterest Inc (NYSE:PINS)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.84% of Pinterest Inc shares, and 92.16% of them are in the hands of institutional investors. The stock currently has a share float of 92.94%. Pinterest Inc stock is held by 1,061 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.61% of the shares, which is about 55.9 million shares worth $1.53 billion.

Blackrock Inc., with 5.92% or 34.48 million shares worth $942.58 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard Mid-Cap Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 18.55 million shares worth $507.07 million, making up 3.19% of all outstanding shares. On the other hand, Vanguard Mid-Cap Index Fund held roughly 13.78 million shares worth around $376.63 million, which represents about 2.37% of the total shares outstanding.