$PINS · Parkev Tatevosian, CFA · 2026-11-02
Pinterest 测算每股价值 30 美元，而股价略高于 19 美元，支撑来自总体令人满意的业绩，以及在美国/加拿大这一最赚钱、ARPU 最高的用户群体中强劲的用户增长。尽管对股权激励上升和多年创新乏力感到失望，说话者仍持有该股，并计划在 2026 年之后保留三分之二，但可能卖出三分之一用于税损收割，且目前不加仓。
逐段跳播
Pinterest本周也公布了季度财务业绩，我对这些数字大体上感到满意。我对它不断增长的股权激励感到失望，尤其是考虑到过去几年公司缺乏创新。但我印象深刻地看到，公司来自美国和加拿大的月活跃用户实现了增长，由于每用户平均收入高，这是最赚钱的社交媒体账户基础。
事实上，就从这个最赚钱的地区新增的账户数量而言，它在社交媒体公司中名列前茅。
Pinterest also announced its quarterly financial results this week , and I was mostly pleased with those numbers . I am disappointed by its growing equity-based compensation, especially given the lack of innovation emanating from the company over the past several years .
But I was impressed to see the company growing its monthly active users from the United States and Canada, which is the most profitable social media account base due to the high average revenue per user.
In fact, it was one of the best among social media companies in terms of the number of accounts it added from that most profitable area.
我计算出Pinterest每股的合理价值为30美元。当前市场价格略高于19美元。我的投资组合中持有Pinterest股票，但我没有兴趣加仓。事实上，我可能会卖出三分之一的Pinterest持仓，以进行税损收割。
但我计划在2026年之后继续持有其余三分之二的仓位。
I calculated the fair value of a Pinterest share at $30. The current market price is slightly over $19. I own Pinterest shares in my portfolio, but I am not interested in adding more.
In fact, I may sell a third of my Pinterest position for the purpose of harvesting tax losses. But I plan to hold two-thirds of my other positions beyond 2026.
这个频道对 $PINS 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 7 条判断，这里只列相邻的几条。