In this article, we discuss 5 stocks that billionaire Andreas Halvorsen is selling. If you want our detailed analysis of Mr. Halvorsen and some of the other stocks he was selling, go directly to Billionaire Andreas Halvorsen Is Selling These 10 Stocks.
5. Pinterest, Inc. (NYSE:PINS)
Number of Hedge Fund Holders: 58
Pinterest, Inc. (NYSE:PINS) is a California-based company offering image sharing and pinboards to save ideas. Andreas Halvorsen acquired a stake in Pinterest, Inc. (NYSE:PINS) in Q3 2021, purchasing 7.23 million shares of the company, worth $368.4 million. The billionaire disposed of his stake entirely in the fourth quarter of 2021.
On February 3, Pinterest, Inc. (NYSE:PINS) reported its earnings for Q4 2021. The company posted EPS of $0.49, beating estimates by $0.03. Revenue for the period jumped roughly 20% year-on-year to $846.66 million, surpassing estimates by $19.42 million. The stock surged almost 13% after the Q4 results went public.
DA Davidson analyst Tom Forte lowered his price target on Pinterest, Inc. (NYSE:PINS) to $33 from $45 on February 4 and kept a ‘Neutral’ rating on the shares. The analyst noted that the company’s Q4 results were “better than feared” given the recent weakness in shares, but he prefers to remain on the sideline while waiting for Pinterest, Inc. (NYSE:PINS) to turn the corner on engagement.
In Q3 2021, 58 hedge funds in the database of Insider Monkey owned stakes in Pinterest, Inc. (NYSE:PINS), down from 63 funds in the quarter earlier. Philippe Laffont’s Coatue Management held a prominent stake in Pinterest, Inc. (NYSE:PINS), with 3.72 million shares worth $189.71 million.
Here is what Baron Asset Fund had to say about Pinterest, Inc. (NYSE:PINS) in its Q4 2021 investor letter:
“As of December 31, 2021, Baron Asset Fund held 65 positions. The Fund’s 10 largest holdings represented 42.0% of assets, and the 20 largest represented 64.3% of assets. The Fund’s largest weighting was in the IT sector at 31.1% of assets. This sector includes software companies, IT consulting firms, internet services companies, technology distributors, and data processing firms. The Fund held 26.5% of its assets in the Health Care sector, which includes investments in life sciences companies, and health care equipment, technology, and supplies companies. The Fund held 14.7% of its assets in the Industrials sector, which includes investments in research and consulting companies, industrial conglomerates, and machinery companies. The Fund also had significant weightings in Financials at 11.3% of assets and Consumer Discretionary at 7.7% of assets. We also sold Pinterest, Inc., a social media network, because of concerns about the sustainability of its long-term growth rate.”
