Why Pinterest Shares Pulled Back Today
Shares of Pinterest (NYSE: PINS) pulled back by as much as 5% today, despite getting a price target increase from Wall Street. Piper Sandler reiterated a neutral rating on the stock while analyst Thomas Champion adjusted his price target from $70 to $85, which represents a mere 4% upside from Friday's closing price. The stock had reached an all-time high of $86.49 on Friday. Pinterest shares closed today down 3%.
Pinterest stock surged to all-time highs last week after reporting fourth-quarter results that showed meaningful progress in improving monetization. Average revenue per user (ARPU) in the U.S. increased 49% to $5.94, while international ARPU jumped 67% to $0.35. The fourth quarter figures were "strong," in Champion's view.
Image source: Pinterest.
Source Fool.com
