Pinterest Stock Receives Bear Notes Despite Earnings Beat

Options volume is running at double the intraday average

Deputy Editor
Nov 5, 2021 at 10:34 AM
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Pinterest Inc (NYSE:PINS) is moving higher today, last seen up 2.5% to trade at $44.73, after the social media company posted third-quarter earnings and revenue that handily beat analysts' estimates. Digging deeper, Pinterest reported earnings of 28 cents per share, topping estimates by 5 cents, on revenue of $630.88 million. The company also issued a sunny fourth-quarter forecast, as it moves to increase advertisement spending heading into the holiday season.

Despite the upbeat event, PINS has received an overwhelming amount of bearish analyst attention this morning. No fewer than 11 brokerages dished out bear notes in the form of price-target cuts. D.A. Davidson slashed its price target all the way to $45 from $76, while Atlantic Equities chimed in with a cut to $65 from $75. Plus, the majority of analysts are already bearish on the stock, with 10 of the 15 calling it a "hold."

The options pits are going wild over Pinterest stock, too, with 28,000 calls and 13,000 puts across the board so far -- double what's typically seen, with options volume running in the 99th percentile of its 12-month range. The December 50 call is extremely popular, followed by the weekly 12/23 44-strike call, with positions being opened at the latter. 

On the charts, the recent announcement of a potential acquisition by PayPal (PYPL) sent PINS spiraling. In fact, the resulting bear gap saw the equity nab a series of lower lows to trade consistently below the $44 level for the first time since October 2020. Fresh off of its fourth-straight monthly loss, Pinterest stock sports a 32.3% year-to-date deficit.




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