PreMarket Prep: It Might Be Time To Show Some Interest In Pinterest

PreMarket Prep: It Might Be Time To Show Some Interest In Pinterest

Pinterest Inc PINS stock is interesting at current levels, co-host Dennis Dick said Thursday on Benzinga's YouTube show "PreMarket Prep."

What Happened: Pinterest sold off after nearly 11% in after-hours trading after the company reported first-quarter financial results Tuesday. 

The company reported earnings of 11 cents per share, beating the estimate of 7 cents per share, and revenue of $485.23 million beating the estimate of $473.66 million. Yet the social media platform reported a slowdown in monthly active user growth.

“Starting in mid-March, the easing of pandemic restrictions slowed U.S. MAU growth and lowered engagement year over year as people spent less time online,” Pinterest said.

Pinterest has come back to a huge technical support level, the "PreMarket Prep" co-host said.

"Buy the dip and sell the rip," Dick added. 

Cathie Wood, CEO and CIO of ARK Investment Management has become quite popular in recent years as her funds continue to outperform. 

She announced the purchase of 145,050 shares of Pinterest for the ARK Next Generation Internet ETF ARKW on Wednesday. 

Related Link: Less Home = Less Pinning? What To Make Of Pinterest Following 14% Drop

PINS Price Action: Pinterest was up 2.75% at $68.06 at last check Thursday.

Photo courtesy of Pinterest.

Posted In: ARK InvestEarningsNewsTechnicalsTrading Ideas

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