Pinterest ( NYSE: PINS ) is wrapping up Thursday as one of the worst-performing large-cap stocks in the market, down 9.4% and hovering again above its 52-week low reached just a month ago.
That's coming off some elevated trading volume: Late Thursday it had surpassed 19M shares vs. a more typical 15M, and on Wednesday (when the stock rose 1.3% ) trading volume had more than tripled its 20-day average.
Pinterest is down more than 50% year-to-date and has declined 77% over the past 12 months.
That recent hefty volume had followed Pinterest's latest big catalyst: Co-founder and CEO Ben Silbermann was stepping out of the chief executive post to become executive chairman and handing the reins over to Google commerce veteran Bill Ready .
That move set up an investor debate on whether an e-commerce-focused upside could trump what looks like heavy macro weakness for digital advertising. Gradient Investments portfolio manager Mariann Montagne says that observing worsening user trends at Pinterest makes her want to wait and see , rating it a Sell.
Analysts have highlighted the other side of that debate as well: Baird says Pinterest has the potential to become a fully functional commerce platform despite near-term concerns about user stabilization and revenue growth, and Citi sees the new CEO as a natural move, noting he can " make shopping a more seamless experience overall ."
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Pinterest among worst big performers as investors process new CEO