Three of 147: Davis Is 90.9% of the Tracked Pinterest Stake — While Its Insiders Have Never Bought a Share

GetCoattail Research — The Filing Tape #186. Pinterest through six filing lenses, as of the latest filings. Past patterns are not a promise of future results. For education only — not investment advice.

The Hype

Pinterest (PINS) appears on AltIndex's "Top Meme Stocks Right Now" list (updated October 24, 2026; Reddit mentions over the past 24 hours), with 15 mentions — behind names this series has already covered, and ahead of nothing else uncovered with complete filing data in this run's walk. This package cites no news event for Pinterest: the attention claim rests on that listing plus the measured price tape, and nothing else.

The price tape behind the attention is a fall, a partial recovery, and another fall. PINS closed 2025 at $25.89, dropped to $18.34 by March 31, 2026, recovered 14.7% in Q2 to $21.03, eased to $18.89 by September 30, and closed the price file on October 2 at $19.26 — 8.4% below its June 30 close and 25.6% below its 2025 year-end close. The daily refresh puts the October 23 close at $22.32 — 15.9% above the October 2 close and 6.1% above June 30, but still 37.0% below the $35.42 52-week-high field. The question the filings let us ask: what did the tracked holders, the broad market, the company's own insiders, and one member of Congress actually do?

The Tape

Chart: Pinterest through six filing lenses — who is actually there?

Superinvestors. The tracked register for Pinterest is small and more top-heavy than most in this series. Three of 147 tracked managers hold 13,830,361 Class A shares — $290,889,429 reported — and one of them is 90.9% of it. Christopher Davis's Davis Advisors holds 12,574,721 shares, 1.14% of its portfolio, after increasing its position 1.4% in Q2 (from 12,400,101 shares, a gain of 174,620 shares). Coatue Management holds 1,197,780 shares (8.7% of the cohort, 0.05% of its portfolio) after decreasing 28.7% in Q2, and Bill Miller's Miller Value Partners holds 57,860 shares (0.4%, 0.29%) after decreasing 3.6%. All three Q1-to-Q2 changes verify exactly under both pairing methods, and both registers reconcile with residual zero: the verified cohort moved from 14,138,855 shares in Q1 to 13,830,361 in Q2, −308,494 shares, −2.2%. The cohort's implied price ($21.03) matches the June 30 close ($21.03) exactly, holder by holder, and every Q1 holder's implied price ($18.34) matches the March 31 close exactly. The cohort is 2.71% of the full market's reported Pinterest shares and 2.05% of shares outstanding — the tracked presence is a small slice of this stock, and nine-tenths of that slice is one holder.

All institutions. The broad market tells a different story from the tracked cohort: fewer filers, more shares. Filers fell by 26 to 676, of which 670 are long, while reported shares rose 8.86% (+41,578,961 shares to 510,727,532). Reported value rose 22.06% to $11.06 billion — faster than shares, because the June 30 close ($21.03) sits above the March 31 close ($18.34), and value carries that price rise. Underneath, 620 filers entered and 646 exited, net −26. Excluding the tracked cohort, other institutions hold 496,897,171 shares — so the broad market's Q2 addition (+41.58 million shares) is three times the entire tracked stake. The tracked holders trimmed in Q2; the broad market added, with fewer names holding more shares.

Insiders. This lens shows selling only, in every window — including the whole corpus. In the 90 days to October 2, 2026, insiders filed 25 forms with 0 buys and 28 sells — 1,148,337 shares, $24,638,109.63 — from 5 sellers, including 4 officer sells. Over one year: 0 buys, 53 sells, 1,844,492 shares, $39,735,215.49, from 7 sellers. Across the whole corpus: 0 buys, 128 sells — 4,552,982 shares, $132,943,439.28, from 9 sellers, across 169 filings. There is no buy transaction anywhere in the parsed corpus to qualify the claim: the "never bought" finding is a zero across every filing for issuer CIK 1506293, not a window artefact. Filing-basis and distinct-transaction totals are identical here: the scan finds zero duplicate transaction keys.

The 90-day selling has a shape worth stating plainly. Twenty-two of the 28 sells are Silbermann Benjamin sales of exactly 46,875 shares each (1,031,250 shares, 89.8% of 90-day sell shares), on transaction dates from July 7 to September 30, 2026, at prices from $18.21 to $23.88. The parsed records flag Silbermann as not an officer, so the article names him without an officer title and draws no conclusion about why the lots repeat. The 4 officer sells in the window are: Brau Donnelly Julia (Chief Financial Officer), 59,096 shares at $23.4824 on August 7; Brown Claude Leonard (Chief Business Officer), 12,240 shares at $23.8795 on August 11; Walcott Wanjiku Juanita (Chief Legal & Bus Affairs Officer), 14,103 shares at $18.207 on September 23; and Brau Donnelly Julia again, 29,548 shares at $18.6084 on September 24. The largest single sale in the year window is Walcott's 74,047 shares at $26.8871 on November 11, 2025; the largest in the corpus is Silbermann's 333,332 shares at $33.1643 on May 14, 2025. Implied sell prices sit inside their windows' price ranges. One disclosed wrinkle: the site's insider aggregate file (as of October 25, 90-day window) shows 21 sells at $18,275,009.31 — but it covers different as-of dates and window starts, so it is not comparable to the bucket's 90-day figure, and no discrepancy is claimed.

Congress. A small, attributed finding — not silence, and not a crowd. The combined and House aggregates record 0 buys and 3 sells for Pinterest, and the Senate aggregate has no Pinterest row. The members file attributes all 3 sells to one member: Menefee, Christian D. (D), 0 buys and 3 sells, last transaction August 7, 2026, with amounts listed as "$15,001 - $50,000". The trade count agrees across the files (3 sells); only the aggregates' members-count field (0) differs from the members file's attribution (1 member), and the article reports both rather than smoothing over the difference.

13D/G. The control register is passive-only, and its largest position just changed hands at the top. It holds 13 filings — 7 initial Schedule 13G and 6 amendments — and no Schedule 13D filing at all. The largest position is Ameriprise Financial, Inc., 49,014,540 shares at 10.2% (event July 31, 2026, filed August 7, 2026), up from the Ameriprise/Columbia group's 9.3% at June 30, 2026 (45,012,854 shares, filed August 14, 2026). Elliott Investment Management L.P. appears at the same June 30 event date with 28,000,000 shares at 5.8% — reported on Schedule 13G, the passive form, not Schedule 13D, so the register's "no activist filing" description stands on the form, not on the filer's reputation. Other passive holders include BlackRock, Inc. at 10.0% (event December 31, 2025), the Goldman Sachs group at 8.5% (March 31, 2026) falling to 3.7% (June 30, 2026), and Vanguard Portfolio Management at 5.07% falling to 4.14% over the same two event dates. Jointly-reported positions are not summed: the register's cross-date total (632,498,357.54) counts each joint position once per reporting entity across different dates, so it is never quoted as an economic figure.

Short interest. The bear trade doubled over the year and then jumped again in the latest settlement. FINRA short interest stood at 59,058,611 shares at September 15, 2026, with 4.32 days to cover and 8.75% of the 674,706,000 shares outstanding (a December 31, 2025 weighted-average count). That is 22.81% above the prior settlement (48,091,210 at August 31), 1.0% below June 30 (59,627,233), 99.1% above the year-ago figure (29,661,276), and 33.6% below the series peak of 88,971,072 shares at March 31, 2026. The last five settlements trace a dip and a rebound: 57,443,101 (July 15), 50,504,065 (July 31), 43,797,898 (August 14), 48,091,210 (August 31), 59,058,611 (September 15). The series has one step over 2× (2.235×, February 27 to March 13, 2026) and none under 0.5×. Two rows carry a revision flag; no row carries a stock-split flag.

Chart: PINS short interest — 137 FINRA settlements, January 2021 to September 2026.

Fundamentals context. The fundamentals record is complete on the fields quoted here: shares outstanding are 674,706,000 as of December 31, 2025 (a weighted-average basic count, not a point-in-time DEI count — the 8.75% short ratio inherits that basis), revenue is $4,221,767,000, net income is $416,855,000 and assets are $5,492,132,000, all for FY2025. The recorded market capitalisation is $13,514,361,643.28, on the record's own price_close ($20.03 as of October 6, 2026), not the October 23 close.

The Gap

The attention and the filing tape disagree about what kind of story this is. A Reddit-mention listing puts Pinterest in front of readers while the price sits 25.6% below year-end. The filings show that the entire tracked superinvestor presence is three holders totalling 2.05% of shares outstanding, that the one holder who matters added just 1.4% in Q2 while the other two trimmed, and that the broad market added shares with fewer filers. Against that quiet institutional picture, the company's own insiders have not bought a single share in any window the corpus covers — zero buys against 28 sells in 90 days, 53 in a year, and 128 in total — while one House member sold three times and short interest nearly doubled year over year before jumping 22.81% in the latest settlement. The tape does not show a tracked crowd piling in; it shows a concentrated, nearly motionless tracked stake beside a broad market that added shares, an insider register that only sells, and a bear position that rebuilt sharply after its August dip.

What Would Change the Picture

Nothing above is a recommendation. It is a record. What would change it:

• 1. Q3 13F season (filings due by November 16, 2026). Watch whether Davis Advisors moves from its 12,574,721-share position at all, whether Coatue adds back any of the 480,984 shares it cut in Q2, and whether any tracked manager opens a first Pinterest position — the register starts Q3 from three holders, so any entry or exit is measurable against that base.
• 2. A first insider buy in the corpus. Any open-market purchase after October 2, 2026 would end a run in which the corpus holds zero buys across 169 filings; a sale larger than the 74,047-share November 11, 2025 transaction would set a new single-sale mark for the year window.
• 3. A first Schedule 13D. Any activist filing would replace the passive-only register; an Ameriprise move from 10.2% in either direction would also change the largest passive position.
• 4. A second Congress seller, or a first member buy, would break the one-member, selling-only congressional picture.
• 5. Short-interest direction. A rebuild back above the March 31, 2026 peak of 88,971,072 — or a fall back toward the August 14 low of 43,797,898 — would each tell a different story about the bear position that jumped 22.81% in the latest settlement.

As-of & Limits

Methodology & disclaimer: 13F holdings are long common shares unless stated; reported values include option rows for the all-institutions lens by definition. Short interest is FINRA twice-monthly settlements. Trading costs and taxes are not reflected in any figure. Past patterns are not a promise of future results. For education only — not investment advice.

This article describes filings and market data for education. It is not investment advice. Data: SEC EDGAR 13F (as of June 30, 2026, filed within 45 days), Form 4 corpus checked through October 2, 2026 (169 filings for issuer CIK 1506293), House/Senate disclosures through October 3, 2026, SC 13D/G parsed register through August 14, 2026, FINRA short interest at September 15, 2026 settlement. 13F covers long positions of $100M+ managers only and is always a lagging picture. Trading costs and taxes are not reflected.

Related research: Three of 147: Situational Awareness Is 85.8% of the Tracked Riot Stake — While the Full Market Added 24.6% in Q2 · One of 147: Icahn Is 100% of the Tracked CVR Energy Stake — Unchanged in Q2 While the Full Market Added 6.1% · Track the tape on Pinterest's stock page and the 13F filing season hub.

Revision history: v1.0 — October 25, 2026. Initial publication. Signals and lens aggregates: pins_lens_data.csv. Short-interest series: pins_short_interest_series.csv.

Past patterns are not a promise of future results. For education only — not investment advice.