Pinterest reported first-quarter figures that beat Wall Street's estimates
Pinterest Inc (NYSE:PINS) reported first-quarter earnings after the close last night, beating estimates with adjusted earnings of 20 per share on revenue of $740 million. The image-sharing social media firm also issued a second-quarter revenue forecast that was higher than expectations. In response, PINS is up 17.6% to trade at $39.35, on track for its biggest single-session gain since the post-earnings pop on Oct 31.
Options traders are piling on following the report. So far, 30,000 bullish bets have been exchanged compared to 15,000 bearish bets, total options volume that's 10 times the average intraday amount. The most popular position by far is the May 36 call.
Analysts are chiming in too, with at least 12 brokerages hiking their price target, the highest coming from RBC to $52 from $48.
Today's bull gap puts PINS near its Feb. 6 year-to-date high of $41.60, breaking a channel of lower lows since that early-February high. Now above its 2024 breakeven mark, Pinterest stock is up 80.7% over the last 12 months.