5 Tech Stock Picks of Cristan Black’s Empirical Capital

1. Pinterest, Inc. (NYSE:PINS)

Empirical Capital’s Holdings: $7.8 million

Percentage of Empirical Capital’s Portfolio: 8.27%

Number of Hedge Fund Holders: 58

Pinterest, Inc. (NYSE:PINS) is an American firm that operates an image aggregation platform. This platform allows its users to upload images and allows others to browse through them through keyword search.

By Q3 2021 end, Empirical Capital held 154,650 Pinterest, Inc. (NYSE:PINS) shares, which were worth $7.8 million and represented 8.27% of its portfolio. During the same time period, 58 of the 867 funds polled by Insider Monkey had holdings in the company.

Pinterest, Inc. (NYSE:PINS) reported $623 million in revenue and $0.28 on GAAP EPS for its third quarter, beating analyst estimates for both. Its price target was reduced to $53 by Morgan Stanley in a November 2021 analyst note, which shared that digital companies will have to deal with several headwinds in the future.

Pinterest, Inc.’s (NYSE:PINS) largest investor is Andreas Halvorsen’s Viking Global. The fund holds 7.2 million shares worth $368 million.

Investment firm Alger mentioned Pinterest, Inc. (NYSE:PINS) in its Q3 2021 investor letter outlining that

“Pinterest is an image sharing and social media service designed to help consumers discover product information and save the information on the internet using images and, on asmaller scale, animated GIFs and videos, in the form of Pinboards. The company shows consumers visual recommendations, called Pins, based on their personal tastes and interests. Pinterest provides advertisers with information on consumer activities, such as becoming inspired by images, as well as other points along the sales funnel, which is the process in which potential customers become purchasers of products. Shares of Pinterest underperformed after the company reported a larger-thanexpected decline in monthly active users (MAU) and provided guidance for the third quarter that included revenue growth of 40%, which was in line with consensus. Management didn’t provide MAU guidance for the third quarter due to engagement headwinds. These headwinds resulted from the economy reopening, which means consumers may spend less time online because they are commuting and venturing out for shopping, entertainment and social events. We believe the company appears to be losing its pandemic tailwinds that involved increased online shopping. We have sold the position.”

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