Pinterest (PINS) Stock Is Down 69% — Here’s Why Some Analysts Still See Upside

TLDR

• PINS stock has fallen 69% over the past year, now trading around $20.29
• Q1 revenue hit $1.01 billion, up 17.8% year-over-year, beating estimates
• Monthly active users grew to 631 million, with higher average revenue per user
• Analysts have an average “Hold” rating with an average price target of $27.40
• Elliott Management holds a $1 billion position; EV/EBITDA sits at 7.5x — well below peers

Pinterest (PINS) stock is trading near $20, down 69% over the past year, as the company’s revenue growth has repeatedly fallen short of expectations.

Pinterest, Inc., PINS

That’s a rough run. But the most recent quarter gave investors something to work with.

PINS opened at $20.29 on Friday. The stock has a 52-week low of $13.84 and a 52-week high of $39.93. Its 50-day moving average is $20.19.

Q1 earnings, reported May 4th, came in at $0.27 EPS — beating the $0.22 consensus by $0.05. Revenue of $1.01 billion also topped the $965.84 million estimate, growing 17.8% year-over-year.

Monthly active users reached 631 million, and average revenue per user is climbing as more ad dollars flow to the platform. The company’s ad technology and Performance+ tracker have been key drivers.

Growth hasn’t been a straight line. Soft spending from food advertisers, then weaker Canada revenue tied to tariffs, have each clipped results at various points.

Revenue Growth Stabilizing

From Q1 2024 to Q1 2025, annual revenue growth averaged 16%. The floor appears to have been 13%, hit in early 2024. Since then, growth has held steadier.

Evercore analyst Mark Mahaney said the Q1 print was “an encouraging early proof point” that management’s strategy — broadening the revenue base and deepening Performance+ adoption — is “starting to translate into tangible results.”

Pinterest has beaten revenue estimates in seven of the past nine quarters. The two misses were each under 1%.

Sixteen analysts currently rate PINS a Buy, eighteen a Hold, and one a Sell. The average price target sits at $27.40.

Morgan Stanley raised its target from $27 to $30, maintaining an Overweight. TD Cowen lifted its target from $36 to $38, with a Buy. Robert W. Baird moved its target from $20 to $24, keeping a Neutral.

Analysts project earnings to grow a few percentage points faster than revenue over the next three years, with operating margin expected to reach just over 32% by 2029.

Valuation and Institutional Moves

At 7.5x EV/EBITDA, PINS trades at roughly half the S&P 500’s multiple and below peers Etsy and eBay, both of which trade above 10x.

Pacer Advisors increased its position by 32.9% in Q4, now holding 2,951,421 shares valued at $76.4 million. Institutional investors collectively own 88.81% of the stock.

Elliott Management — Paul Singer’s activist fund — put $1 billion into Pinterest in early 2023. Elliott has a track record with beaten-down names, including Southwest Airlines and Dexcom.

Insiders have sold 171,112 shares in the past 90 days, worth approximately $3.6 million. Insider Wanjiku Juanita Walcott sold 27,337 shares on May 29th at $20.46. Both sales were under pre-arranged 10b5-1 plans.

Research analysts now forecast Pinterest will post $0.65 EPS for the full year.

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