5 Market Movers to Watch on Wednesday

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1. Pinterest, Inc. (NYSE:PINS)

Number of Hedge Fund Holders: 41

Shares of Pinterest, Inc. (NYSE:PINS) rose nearly five percent in pre-market trading Wednesday after Wolfe Research upgraded the visual discovery engine firm from “Peer Perform” to “Outperform.”

Wolfe Research analyst Deepak Mathivanan expressed optimism over the company’s user growth and monetization in the long term. Mathivanan also believes Pinterest, Inc. (NYSE:PINS) has multiple positive catalysts, such as margin growth and product roll-outs. He has a price target of $28 per share for Pinterest, Inc. (NYSE:PINS).

Earlier this year, investment management firm Harding Loevner also discussed Pinterest, Inc. (NYSE:PINS) in its first-quarter 2021 investor letter, stating:

“Other detractors within Communication Services included Pinterest (NYSE:PINS), which is finding it hard to sustain the extremely rapid growth they enjoyed over the past two years of pandemic lockdown and social distancing.”

You can also take a peek at 10 Stocks That Billionaire Rob Citrone Is Selling and 10 Best Cyclical Stocks for Inflation.

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