Users of Apple Inc’s AAPL latest iOS 14 operating system looking to remake their home screens with custom icons and wallpapers to match their newly installed widgets are flocking to Pinterest Inc’s PINS platform.
What Happened: Pinterest downloads set a new high on Sunday as the app reached 616,000 new installs worldwide, according to data from Apptopia, as reported by TechCrunch.
Sensor Tower data indicates that the visual social network may have broken records for daily installs last Saturday, when it was downloaded 800,000 times across both iOS and Alphabet Inc’s GOOGL GOOG Android operating system, TechCrunch noted.
The app climbed the ranks on top free iPhone charts in the United States, clinching the sixth spot on Monday. Last Friday, the social network was ranked 47 on the same chart.
In the Lifestyle category, Pinterest is now the top app for the iPhone, as per Sensor Tower.
“There has been an increase in searches for iOS 14 wallpapers and home screen design this week by Gen Z users, a demographic group that grew 50% year-over-year in June 2020,” Pinterest told TechCrunch.
Why It Matters: Last month, Morgan Stanley analyst Brian Nowak upgraded the social network company from Equal-Weight to Overweight raising the price target from $34 to $44.
Nowak attributed the change to emergence of “social online malls” like Pinterest and a “structural change in consumer behavior.”
Price Action: Pinterest shares closed nearly 10% higher at $40.55 on Tuesday and fell almost 0.4% in the after-hours session.
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