PINS short interest fall by -24.96%, reflecting positive sentiment

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Pinterest Inc shares valued at $2,270,816 were sold by Brau Donnelly Julia on Mar 11 ’24. At $34.42 per share, Brau Donnelly Julia sold 65,972 shares. The insider’s holdings dropped to 392,829 shares worth approximately $13.59 million following the completion of this transaction.

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Also, JORDAN JEFFREY D sold 20,000 shares, netting a total of over 733,000 in proceeds. Following the sale of shares at $36.65 each, the insider now holds 54,215 shares.

Before that, Ellis Sabrina had sold 24,410 shares from its account. In a trade valued at $866,396, the Chief Product Officer traded Pinterest Inc shares for $35.49 each. Upon closing the transaction, the insider’s holdings decreased to 24,410 shares, worth approximately $17.32 million.

As published in a research note from Argus on January 18, 2024, Pinterest Inc [PINS] has been rated up from a Hold to a Buy and the price target has been revised to $45. Analysts at BMO Capital Markets started covering the stock with ‘”an Outperform”‘ outlook in a report released in early January. Earlier on December 11, 2023, RBC Capital Mkts upgraded its rating. Their new recommendation was “an Outperform” for PINS stock which previously was a “a Sector perform”.

Analyzing PINS Stock Performance

During the last five days, there has been a drop of approximately -0.06%. Over the course of the year, Pinterest Inc shares have dropped approximately -6.59%. Shares of the company reached a 52-week high of $41.60 on 02/06/24 and a 52-week low of $33.88 on 03/11/24. A 50-day SMA is recorded $36.78, while a 200-day SMA reached $30.70. Nevertheless, trading volume fell to 6.69 million shares from 11.87 million shares the previous day.

Support And Resistance Levels for Pinterest Inc (PINS)

According to the 24-hour chart, there is a support level at 34.29, which, if violated, would cause prices to drop to 33.98. In the upper region, resistance lies at 35.09. The next price resistance is at 35.58. RSI (Relative Strength Index) is 41.20 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.93, which suggests the price will decrease in the coming days. Percent R is at 77.45%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Pinterest Inc subject to short interest?

Stocks of Pinterest Inc saw a sharp steep in short interest on Feb 29, 2024 dropping by -6.05 million shares to 24.24 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 30.29 million shares. A decline of -24.96% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.81 of the overall float, the days-to-cover ratio (short ratio) decline to 1.81.

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