Pinterest (NYSE:PINS) stock isn’t doing so hot on Tuesday thanks to recent price predictions from a couple of analysts.
Let’s start off with the newest coverage of PINS stock, which comes from Wolfe Research analyst Deepak Mathivanan. The analyst starts off their coverage of PINS with a peer perform rating. For the record, the consensus rating for Pinterest is a hold with 10 buy and 17 hold ratings.
To go along with that rating is a price prediction of $45 per share for PINS stock. While that’s above the company’s price of $36.41 per share as of Monday’s close, it doesn’t match up to other price targets. The current consensus price for Pinterest is $66.09.
Next up we have to discuss Guggenheim’s new rating and price prediction for PINS stock. The company hit the social media company with a downgrade, which drops it from a buy rating to a neutral rating. In addition to that, its new price target for PINS is $39 per share, as compared to its previous price target of $46 per share.
It makes sense that PINS stock wouldn’t be reacting well to today’s news. While both the new price predictions are better than its previous close, neither of them comes close to the consensus price target for the stock.
As far as movement goes, PINS stock is seeing a fair amount today. As of this writing, more than 8 million shares have traded hands. That’s on its way to the company’s daily average trading volume of 8.1 million shares.
PINS stock is down 9.3% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
