PINS Stock Price: Pinterest power play to extend as users explode in coronavirus times

• NYSE: PINS is set to kick off August by extending its gains, challenging all-time highs. 
• Pinterest's stock surged on Friday after its earnings report showed a 39% growth in users.
• Coronavirus-led lockdowns pushed new players into pinning photos, a trend that may continue.

Pinterest is enjoying its time in the sun – while many people are unable to enjoy the summer due to coronavirus lockdowns. The San Francisco-based tech company never was in the spotlight the same way that its some of its Californian peers had – but now is its moment. 

The website and application that allow users to pin images on virtual boards reported a whopping 39% to 416 million monthly active users – a strong and steady base that may allow further growth. Staying at home has led more people to look for cooking photos, finding activities for children – and also purchasing products on the site.

Revenue advanced by 4% yearly to $272 million, topping analysts' estimates of only $252 million. While Pinterest lacks profits – its adjusted loss rose to around  $38.4 million, investors are watching growth figures and foreseeing future gains. 

PINS stock quote

NYSE: PINS is set to kick off August trading up by 2% to $35.25, closer to the 52-week high of $36.83. That modest increase would follow Friday's frenzy – a leap of over 36% or $9.10. It is essential to note that Pinterest hit a 52-week trough of only $10.10. 

Support lines include the pre-surge level of $25, which was also the pre-COVID-19 high point. Further down, NYSE: PINS has support at around $18, which was the launching board for the recent increases. Resistance awaits at $40, a round number. 

The broader stock market is set to open higher on hopes for further fiscal stimulus and tentative signs that the US coronavirus curve is beginning to bend lower. On the other hand, US coronavirus deaths continue rising.  

Reprinted from fxstreet , the copyrights all reserved by the original author.