Activist Investor Paul Singer’s 5 Latest Stock Picks

In this article, we talk about activist investor Paul Singer’s 5 latest stock picks. In order to read our detailed analysis of Singer’s hedge fund history and investment strategy, go directly to Activist Investor Paul Singer’s 8 Latest Stock Picks.

5. Pinterest, Inc. (NYSE:PINS)

Elliott Management’s Stake Value: $90.8 million

Percentage of Elliott Management’s 13F Portfolio: 1.04%

Number of Hedge Fund Holders: 41

Pinterest Inc. (NYSE:PINS) is a social media company that provides image-sharing services. Paul Singer’s hedge fund added Pinterest, Inc. (NYSE:PINS) to its portfolio in the second quarter of 2022 with a stake worth about $90.8 million, representing 1.04% of the total 13F portfolio.

On September 7, Wolfe Research analyst Deepak Mathivanan upgraded Pinterest, Inc. (NYSE:PINS) to Outperform from Peer Perform with a $28 price target. The analyst believes that the company has “significant runway” on both user growth and monetization over the long-term, in addition to “several positive catalysts” ahead including monthly active user growth, margin expansion, and product launches. Overall, Mathivanan believes the stock’s risk/reward “skews positively at current levels.”

According to Insider Monkey’s data, Pinterest, Inc. (NYSE:PINS) was part of 41 hedge fund portfolios at the end of the second quarter of 2022, down from 56 funds in the prior quarter. Harris Associates, with approximately 29.75 million shares worth $540.30 million, is the largest shareholder of Pinterest, Inc. (NYSE:PINS) as of Q2.

Here is what Meridian Funds specifically said about Pinterest, Inc. (NYSE:PINS) in its Q2 2022 investor letter:

“We took advantage of early-2021 volatility in Pinterest, Inc. (NYSE:PINS) to establish a hedged position in a well-established firm that we believe occupies a unique space in the social media landscape. Through its visual-first offering, users build portfolios of photos, videos, and inspirations around their hobbies and interests, which we believe will become increasingly valuable to advertisers. We believe our exposure is protected to a degree by the company’s high net cash balance and its underappreciated core franchise value. Furthermore, since we initiated our position, the company hired a new CEO with a relevant track record of success at both PayPal and Google.”