Pinterest Stock Has Surged 270% So Far in 2020: Is It a Buy for 2021?
It was quite a year for visual search and media company Pinterest (NYSE: PINS). With just days left in 2020, shares are up 270% on the year. The company had much to overcome and prospects looked dim during the economic lockdown last spring. But fortunes changed quickly, and Pinterest is poised to capitalize on the new digital era that's emerging.
This stock deserves to remain on growth investors' buy lists for 2021.
Pinterest, like other social media and internet search platforms, makes its money selling advertising. At the onset of the COVID-19 pandemic, ad activity froze and the outlook turned grim as recessions tend to hit the advertising and marketing industry particularly hard. But things turned around quickly for Pinterest. After a brief headwind, revenue surged as businesses started rapidly migrating their promotional activity to an online format amid social distancing and remote work.
Source Fool.com
