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When Elliott announces that it is the largest investor in Pinterest, the stock price rises

Aria Thomas

Aug 02, 2022 10:19

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Monday, activist investor Elliott Investment Management revealed it had become the largest owner in Pinterest (NYSE:PINS) Inc, therefore backing the management of the digital pinboard firm and sending the stock 21 percent higher.


Elliott has become the largest owner in Pinterest because to the company's "strong growth potential," according to a statement from Elliott managing partner Jesse Cohn and senior portfolio manager Marc Steinberg.


Elliott did not disclose its status on Pinterest. The Wall Street Journal reported in July that the investment firm had amassed a holding of more than 9 percent.


Monday, the firm lauded newly-appointed Pinterest CEO Bill Ready and hailed co-founder Ben Silbermann for the leadership move.


Ready noted on a post-earnings conference call that Elliott and Pinterest's management engaged in "a very meaningful and involved conversation."


"As a visual search engine, Pinterest offers unique marketing opportunities to businesses. I think Elliott may have a point here "said Michael Schulman, chief investment officer at Running Point Capital.


According to Bloomberg News, Elliott has accumulated a stake in PayPal Holdings Inc (NASDAQ:PYPL) and has previously invested in eBay Inc (NASDAQ:EBAY), Twitter Inc (NYSE:TWTR), and AT&T Inc. (NYSE:T).


Monday after the closing bell, Pinterest's stock jumped to $24.36; nevertheless, it is still far behind its all-time high of $89.90, which was hit in February 2021, when individuals confined to their homes by an outbreak rushed to the company for project inspiration.


Elliott's remarks coincided with Pinterest's announcement of a lower-than-anticipated profit due to higher costs and less user engagement.


Similar to its competitors, Pinterest has experienced a decline in advertising spending due to growing costs and fears of a recession.


According to finance director Todd Morgenfeld, the company encountered problems from advertisers in the consumer packaged goods industry, big-box retailers, and mid-market marketers, and the digital advertising climate will stay competitive.


Due to the impact of a stronger currency, the company anticipated a mid-single-digit increase in quarterly revenues.

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