Activist Billionaire Paul Singer 2023 Portfolio: Top 5 Stock Picks

4. Pinterest, Inc. (NYSE:PINS)

Elliott Management’s Stake Value: $761,174,557

Number of Hedge Fund Holders: 66

Pinterest, Inc. (NYSE:PINS) functions as a visual discovery platform worldwide. The company’s platform enables users to discover ideas, ranging from recipes to home decor and fashion inspiration, among others. It offers features such as video, product, and idea pins, while also providing tools for organizing and planning purposes. In Q1 2023, Paul Singer held approximately 28 million shares of Pinterest, Inc. (NYSE:PINS) worth $761 million, representing 5.63% of the total 13F securities. 

On May 2, Loop Capital analyst Rob Sanderson maintained a Buy rating on Pinterest, Inc. (NYSE:PINS) but lowered the firm’s price target on the shares to $28 from $32. According to the analyst, Pinterest, Inc. (NYSE:PINS) had a good performance in the first quarter and provided cautious guidance. The 19% drop in the stock price is seen as a correction in valuation due to lower-than-expected results, rather than any significant issues with Pinterest, Inc. (NYSE:PINS)’s operations, as per Sanderson. Loop Capital also highlighted that investors are becoming increasingly aware of the distinctiveness of Pinterest, Inc. (NYSE:PINS) platform and its potential for generating revenue.

According to Insider Monkey’s first quarter database, 66 hedge funds were long Pinterest, Inc. (NYSE:PINS), compared to 61 funds in the earlier quarter. Harris Associates is a prominent stakeholder of the company, with 18.3 million shares worth $500 million. 

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q4 2022 investor letter:

“Slightly countering that decline was the 4% gain for Pinterest, Inc. (NYSE:PINS), an image-based social media company. The company posted better-than-expected third quarter results and forward guidance was in line with Street estimates. Pinterest expects significant margin improvement after a relatively heavy investment cycle.”