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Pinterest just IPO’d and its stock skyrocketed nearly 30%

Pinterest just IPO’d and its stock skyrocketed nearly 30%
[Photo: Spencer Platt/Getty Images]

This morning, Pinterest made its debut on the New York Stock Exchange, and its stock is currently on the rise. The stock opened at $19 per share, and was up over 27% to $24.19 by early afternoon. The company IPO’d today alongside video conferencing company Zoom, which is also seeing a huge boost from Wall Street.

Both companies’ performances will dictate the current boom of startups going public. The first to set the stage was Lyft, which is down significantly from its opening price despite an initial pop.

However, analysts seem attracted to Pinterest’s performance, the Wall Street Journal writes. While the image-sharing company isn’t yet profitable, it is narrowing losses. Meanwhile, companies like Lyft and Uber continue to hemorrhage money–which could have an impact on their Wall Street performance down the line.

For now, investors wait to see if Pinterest can continues its momentum. The company is trading under the NYSE ticker symbol PINS.

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