Is Pinterest (PINS) a Great Stock to Invest in?

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Enhanced Equity Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -12.74% net compared to a -16.10% return for the S&P 500 Index. The portfolio strategy to mitigate capital losses helped the fund to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds highlighted stocks like Pinterest, Inc. (NYSE:PINS) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) is a visual discovery platform. On December 8, 2022, Pinterest, Inc. (NYSE:PINS) stock closed at $22.62 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -6.53% and its shares lost 39.29% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $15.342 billion.

Meridian Funds made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q3 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.”

Pixabay/Public Domain

Pinterest, Inc. (NYSE:PINS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of the third quarter, which was 41 in the previous quarter.

We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared the list of most valuable social media companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.