Why Pinterest's Stock Is Moving Today

Pinterest PINS shares traded higher on Wednesday after Baird maintained its Outperform rating on the stock and raised the price target from $34 to $41 per share.

Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to. Founded in 2010, the platform consists of a largely female audience, at roughly two-thirds of its more than 365 million monthly active users. The company generates revenue by selling digital ads and is now rolling out more in-platform e-commerce features.

Pinterest shares were trading down 1.2% at $37.90 at the time of publication. The stock has a 52-week high of $39.64 and a 52-week low of $10.10.