Benzinga | Oct 20, 2021 11:57AM EDT

Why Pinterest Shares Are Rising

Pinterest, Inc. (NYSE:PINS) shares are trading higher following a Bloomberg report suggesting PayPal Holdings, Inc. (NASDAQ:PYPL) is exploring an acquisition of the company.

According to a Bloomberg report, PayPal has recently approached Pinterest about a potential deal, the people said, asking not to be identified because the talks are private. The companies have discussed a potential price of around $70 a share, which would value Pinterest at roughly $39 billion, one of the people said.

Pinterest, Inc. provides visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others.

Pinterest's stock was trading about 12.3% higher at $62.44 per share at the time of publication. The stock has a 52-week high of $89.90 and a 52-week low of $48.29.