Wed. Jun 19th, 2024
Pinterest Stock Shows Stronger Relative Strength But Still Lags Benchmark

On Tuesday, Pinterest (PINS) stock was upgraded from a relative strength (RS) rating of 67 to 75 by IBD. This unique rating measures market leadership on a scale of 1 (worst) to 99 (best), by comparing a stock’s price performance over the past 52 weeks to other stocks in the database. Historically, it has been shown that the best-performing stocks usually have an RS rating over 80 in the early stages of their upward momentum.

Currently, Pinterest is considered extended and has moved out of the buy range after hitting a buy point of 28.90 in a first-stage double bottom pattern in October. Investors should keep an eye out for signs of new patterns or follow-on buying opportunities, such as a three-weeks tight formation or a pullback to the 50-day or 10-week moving average. Although earnings growth has slowed from 155% to 83% in the last quarter, revenue has increased from 11% to 12%. The company is expected to release its latest performance figures around April 25.

Within the Internet-Content industry group, Pinterest stock ranks ninth among its peers. Some of the top-rated stocks in this group include Meta Platforms (META), Kanzhun ADR (BZ), and SEMrush Holdings (SEMR). As investors make their next moves, it’s crucial to stay informed about market developments and trends to make well-informed investment decisions.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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