Why Pinterest Is Jumping Higher Today

Shares of Pinterest (NYSE: PINS) were running 6.3% higher in morning trading Friday as more institutional investors bought into the idea-collating site.

Pinterest stock has been battered for a good part of a year on a slowdown in pandemic-fueled growth. Shares are off 70% over the past 12 months, but both Vanguard Group and BlackRock (NYSE: BLK) have acquired substantial stakes in the social media platform, and the market might be seeing this as an inflection point at which Pinterest becomes a turnaround story.

Image source: Getty Images.

Source Fool.com