Pinterest Stock Hits One-Year High on Upgrade

PINS remains under-loved by the brokerage bunch

Deputy Editor
Mar 27, 2023 at 10:54 AM
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Pinterest Inc (NYSE:PINS) stock is enjoying a boost today, up 5.2% at $28.29 at last glance and earlier hitting a one-year high of $29.27. UBS upgraded the social media stock to "buy" from "neutral," with a price-target hike to $35 from $27, citing evidence of improving advertising trends after the company's partnership with LiveRamp. 

PINS has been climbing since its 200-day moving average caught a mid-March pullback. Today, the shares are gapping above familiar pressure at $27 and have built up a 19% lead in 2023. 

There is plenty more room for optimism amongst analysts, as 22 of the 35 firms in coverage carry a "hold" or worse rating. Plus, the 12-month consensus price target of $29.27 is just above current levels. 

So far today, 27,000 calls have been exchanged in the options pits, with is double the volume typically seen at this point. The weekly 3/31 30-strike call is the most active contract, with new positions opening there. 

These options are well-priced at the moment, too, as per Pinterest stock's Schaeffer's Volatility Index (SVI) of 49%, which ranks in the extremely low 4th percentile of annual readings. This means options traders are pricing in low volatility expectations at the moment. 

 

 

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