5 Best Affordable Stocks To Buy Now

2. Pinterest, Inc. (NYSE:PINS)

Share Price as of December 17: $24.80

Number of Hedge Fund Holders: 68

Pinterest, Inc. (NYSE:PINS) is an American image sharing and social media service company that enables the saving and discovery of information on the internet using images, and on a smaller scale, animated GIFs and videos.

On December 13, Piper Sandler analyst Thomas Champion upgraded Pinterest, Inc. (NYSE:PINS) to Overweight from Neutral with a price target of $30, up from $25. The analyst sees “multiple tailwinds” for the company into 2023 after his advertising buyer survey pointed to an improved ad product and rising market rising. He sees a path to margin expansion and states that “we like the new leadership, investor activism, and we see a buyback coming.”

According to Insider Monkey’s data, Pinterest, Inc. (NYSE:PINS) was part of 68 hedge fund portfolios at the end of the third quarter of 2022, up from 41 funds in the prior quarter. Harris Associates, with approximately 28.46 million shares worth $663.17 million, is the largest shareholder of Pinterest, Inc. (NYSE:PINS) as of Q3.

Meridian Funds made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q3 2022 investor letter:

“We took advantage of early-2021 volatility in Pinterest, Inc. (NYSE:PINS) to establish a hedged position in a well-established firm that we believe occupies a unique space in the social media landscape. Through its visual-first offering, users build portfolios of photos, videos, and inspirations around their hobbies and interests, which we believe will become increasingly valuable to advertisers. We believe our exposure is protected to a degree by the company’s high net cash balance and its underappreciated core franchise value. Furthermore, since we initiated our position, the company hired a new CEO with a relevant track record of success at both PayPal and Google.”