Pinterest (PINS) Shares Gained 28% in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.21% (net), compared to -0.65% for the Russell Midcap Growth Index. Strength in Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials sectors contributed to the performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like Pinterest, Inc. (NYSE:PINS) in its Q3 2022 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) is a global visual discovery platform. On December 22, 2022, Pinterest, Inc. (NYSE:PINS) stock closed at $24.72 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -1.24% and its shares lost 33.94% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $16.766 billion.

TimesSquare Capital made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q3 2022 investor letter:

“Better performance came from Pinterest, Inc. (NYSE:PINS), an image-based social media company. Their shares surged 28% after reporting second quarter results inclusive of in line revenues and a higher level of monthly active users. Results were aided by large online retailers and international advertisers.”

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 best affordable stocks to invest in. 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.