Long Position on PINS @ $35.65 on 8/6/2020 (Momentum)

Pinterest, Inc. (PINS) provides visual discovery engine in the United States and internationally.

The company's engine allows people to find inspiration for their lives, including recipes, home and style ideas, travel destinations, and others.

It shows them visual recommendations based on people personal taste and interests. The company was formerly known as Cold Brew Labs Inc. and changed its name to Pinterest, Inc. in April 2012.

Pinterest reported breakeven results for the 2nd Quarter June 2020 on revenue of $272.5 million. The consensus estimate was a loss of $0.14 per share on revenue of $249.4 million. Revenue grew 4.3% on a year-over-year basis.

Pinterest is performing better than its technology sector in the calendar year. The stock beat its revenue and earnings estimates for the quarter and its "bullish flag" suggests that shares should continue to trend higher.

Entry point: $35.65

52-week trade range: $10.10 - $37.33

Stop/Loss: $33.75

Target Price: $39.20

Updates

9/2/2020 9:35:05 AM

PINS closed at $39.50

Position closed on 9/2/2020 at price of $39.50 with a 10.80% gain in 27 days.

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