Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Pinterest dips 10% to new 52-week low on Guggenheim downgrade

by
January 4, 2022
in Trading News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Senators call on former Silicon Valley Bank, Signature Bank CEOs to testify

Ford’s EV business lost $2 billion in 2022, offset by big profits in fleet and legacy units

In this article

PINS

Traders work after the opening bell at the New York Stock Exchange (NYSE), while the logo for Pinterest is pictured on the screens during the company’s IPO on April 18, 2019 in New York City.
Johannes Eisele | AFP | Getty Images

Shares of Pinterest dipped 10% on Tuesday and hit a new 52-week low after Guggenheim downgraded the stock from Buy to Neutral, citing user declines. Guggenheim also lowered its price target from $46 to $39.

Based on data from Pinterest Ads Manager, Guggenheim said the company’s aggregate global audience reach dipped to 218.1 million users by the end of December from 226.9 million in November.

“This reflects the second consecutive sequential decline, though decreasing off the largest total audience reach of 2021 in October (229.3mm),” the firm said in the Tuesday note. The company also cited data from Apptopia, a third party research firm, which indicated a sequential decline in average daily downloads through Dec. 15. It would mark the fourth month of consecutive sequential decline month over month, Guggenheim said.

Guggenheim now expects Pinterest to report 438 million monthly active users for the fourth quarter. The firm had expected 447 million users.

“We still see value creation potential for the company’s large global user base and high-purchase-intent user behavior,” the firm said. “However, we don’t see the platform’s use case as developing as rapidly as peers, creating risk that competitors improve their social commerce offerings more quickly than Pinterest capitalizes on its position. Without user growth, we see risk of further valuation multiple contraction.”

Shares of Pinterest underperformed compared to its social media peers in 2021, with the stock trading down nearly 45%. The company had started the year off strong as people turned to the social media giant during the Covid-19 pandemic, but user interest appeared to wane as the economy reopened. The company’s market cap was around $21 billion as of Tuesday afternoon.

Subscribe to CNBC on YouTube.

ShareTweetPin

Related Posts

Senators call on former Silicon Valley Bank, Signature Bank CEOs to testify

by
March 23, 2023
0

In this article SBNYSIVB Follow your favorite stocksCREATE FREE ACCOUNT U.S. Sen. Sherrod Brown (D-OH) speaks to members of the...

Ford’s EV business lost $2 billion in 2022, offset by big profits in fleet and legacy units

by
March 23, 2023
0

In this article F Follow your favorite stocksCREATE FREE ACCOUNT The badge of a Ford Motor Co. E-Transit electric vehicle...

Retirement vs. emergency savings: How to prioritize in a shaky economy

by
March 23, 2023
0

Jamie Grill | Getty Images When you're on a tight budget, It can be tough to decide between contributing to...

These beaten-down bank stocks have strong deposit bases and are well liked by analysts

by
March 23, 2023
0

Bank stocks have been pummeled in recent weeks amid the ongoing crisis centered around regional banks -- but Wall Street...

Request for Bragg’s testimony on Trump probe is ‘unprecedented,’ Manhattan DA’s office tells GOP

by
March 23, 2023
0

District Attorney Alvin Bragg arrives at the office of District Attorney, after a message was posted on the Truth Social...

Next Post

Airlines cancel another 1,300 flights as omicron, severe weather continue to snarl travel

Pinterest Users Are Leaving the Platform. The Stock Is Falling After a Downgrade.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com