Will Pinterest Stock Hit $100 in 2023?
At $24 per share, Pinterest (NYSE: PINS) stock is trading well below the all-time high of $89.90 it reached in 2021. The company performed spectacularly during the pandemic, with strong growth in revenue and monthly active users, but the reopening of the economy and other headwinds made it difficult to maintain momentum.
Can Pinterest recover its former glory? With a new CEO, it's possible, but it will be challenging. Here's what needs to happen for the stock to hit $100 in 2023.
Pinterest has enough advantages in its corner to deliver better returns to investors. The company likes to tout its unique intersection of search, social media, and commerce, where the latter spells a significant growth opportunity. Former PayPal executive Bill Ready stepped in as CEO in June and is doubling down on investments in machine learning to deliver more relevant Pins and videos to users to improve user engagement, and therefore grow advertising revenue, which is how Pinterest makes money.
Source Fool.com
