Pinterest (ticker: PINS) has caught the attention of Wall Street as the company’s shares reached a one-year high in July. Analysts are optimistic about Pinterest’s advertising prospects, with a growing number giving the stock a Buy or equivalent rating. Currently, 45% of analysts on FactSet have a positive outlook on the stock, up from 39% in May. Over the past year, Pinterest’s stock has climbed 45%, hitting a 52-week high of $30.86 before recent adjustments – and just before co-founder Evan Sharp decided to sell some of his shares.
Max Magee, a senior analyst at data firm Verity, drew attention to Sharp’s recent sales due to the timing and price achieved. Unlike previous automatic sales that took place on the 26th or 27th of the first month of each quarter over the past year, this transaction deviated from the pattern. Magee believes that it “conveys some information” regarding Sharp’s willingness to part with shares at around $30. The market eagerly awaits Pinterest’s second-quarter results expected to be announced on Tuesday.