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Pinterest up as much as 12% as post-IPO rally continues
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Ben Silbermann, co-founder and chief executive officer of Pinterest Inc., center, rings the opening bell on the floor on the New York Stock Exchange during the company’s initial public offering (IPO) in New York, on Thursday, April 18, 2019.
Michael Nagle | Bloomberg | Getty Images
Pinterest shares closed up 14.77% on Monday, continuing their winning streak that began with the company’s IPO on April 18.
The stock has climbed all seven days since Pinterest’s debut on April 18, and is now up 75% from its $19 offer price. There’s been no obvious catalyst for the continued rise in the price, though it’s coincided with a broader move up in tech stocks: the Nasdaq has notched gains in six of the past seven days.
Pinterest’s market cap has climbed to about $18.1 billion, up from $10 billion at the IPO. That values the social media company at more than 23 times trailing 12-month revenue, a significantly higher multiple than its internet peers, according to FactSet. Facebook trades for 9.5 times sales, Alphabet for 6.6 and Snap has a multiple of 11.8.
More than 25 million shares changed hands, making it the busiest day for the stock since its debut.
WATCH: How Pinterest makes money by filling your feed with promoted pins
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