Pinterest Inc [NYSE:PINS] IPO was among the most successful Initial Public Offerings (IPOs) this year so far. The company went live on April 18 and as expected it did not disappoint the shareholders. The initial public offering (IPO) for Pinterest was set at $19 although it had been predicted to range between $15 and $17. Since the launch on New York Stock Exchange (NYSE), the price has not made any dips below $20.
PINS is now trading around $29.85 up from the $24.40 range where StockWatch247 covered it in our first article named, “Pinterest (PINS) surges on the first day of trading – Here are a few reasons why it could sustain growth.” PINS has been trading very well over the past week since we originally covered it and therefore it has been named a Top Performer for StockWatch247 readers.
Following the live IPO trading on the platform (NYSE), the surging stock (NYSE:PINS) has been able to form several key support areas at $24.00, $26.00 and $29.00. The formidable gains stepped above $30.00 and formed a high at $30.68. Moreover, PINS has been trading in the confines of an ascending channel. In addition, the price has stayed above the 50 simple moving average (SMA).
NYSE:PINS closed the trading on Friday at $29.85 following a 3.65% rise on the day and a relative change of +1.05. The upside was capped by the 100 SMA. It had a share volume of $16,825,583 and a 52-week high and low of $29.40 and $23.05 respectively. Meanwhile, at press time, PINS is up 2.81% to trade at $29.61. It has an NLS volume of $13 million. While technical levels remain strong, buyers seem to be exhausted and are waiting for PINS to correct lower towards $25.00 to create fresh buying interest. According to the Street:
“Pinterest, based in San Francisco, is an “image discovery” service, which means that its users, who number more than 250 million, post images of things they find interesting on its site. Others can then peruse those collections, resulting in a kind of curated image directory of things.”
Pinterest IPO and launch on NYSE has birthed several new billionaires including its lesser-known third co-founder Paul Sciara who now according to Forbes is valued at more than $1.3 billion. Sciara has an 8% stake in Pinterest as per the company’s S-1 filing with the Securities and Exchange Commission (SEC). Apart from Sciara, the CEO of Pinterest Ben Silberman is also a billionaire. Silberman has a stake slightly below 10% in Pinterest bringing his valuation to more than $1.8 billion.
With a market capitalization of $16.1 billion Pinterest has over 250 million active users on a monthly basis. The users leverage the platform to established photo galleries and collections for fashion, recipes as well as furnishing. Most of the company’s investment is said to have come from venture capital firms, for example Bessermer Venture partners and FirstMark Capital.