Long Position on PINS @ $29.00 on 5/9/2019 (Momentum)

Pinterest, Inc. (PINS) provides a visual discovery engine that helps users to discover ideas for various projects and interests worldwide.

Its platform allows users to discover ideas for daily activities, remodeling a house or training for a marathon, ongoing passions, and planning a wedding or a dream vacation.

The company's platform show visual recommendations called Pins, based on user personal taste and interests.

It also provides Product Pins that make items shoppable with up-to-date pricing; Recipe Pins to cook a meal by bringing the relevant information; Shop the Look, which enables pinners to shop for the individual products they see within fashion and home decor Pins; and Video Pins, which are short videos with topics, such as how-to content about cooking and beauty.

Shares of this recent IPO came to market last month. Since then, they shot up from $23 to $35. Since then, they have settled around the $28-$30 range. We think shares are now sitting at a trendline support. 

Entry Point: $29.00

Trading Range: $23.05 to $35.29

Stop Loss: $27.30

Target Price: $32.00

Updates

5/31/2019 2:45:48 PM

PINS closed at $25

Position closed on 5/31/2019 at price of $25.00 with a -13.79% loss in 22 days.

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