Shares of several companies in the social media industry, including Pinterest Inc (NYSE: PINS) are trading lower in sympathy with the overall market as investors weigh continued concerns over COVID-19, the Feds two-day meeting and a sell off in Chinese equities.
Pinterest is also trading lower by 6.2% over the past five sessions in sympathy with the broader market, as stocks pull back following August strength.
Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.
Founded in 2010, the platform consists of a largely female audience, at roughly two-thirds of its more than 365 million monthly active users. The company generates revenue by selling digital ads and is now rolling out more in-platform e-commerce features.
Pinterest is trading lower by 5.7% at $51.67. Pinterest has a 52-week high of $89.90 and a 52-week low of $35.77.
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