Pinterest has seen significant user growth, particularly in the Gen Z demographic, and has achieved its ninth consecutive quarter of record-high users. The company's monthly active users in the US and Canada have reached 103 million, the highest in four and a half years. Despite this growth and strong user engagement (100% of reported users are logged in), providing valuable first-party intent signals for consumers, the stock is considered undervalued. The intrinsic value per share is estimated at $71, while the current market price is $24.81, indicating a substantial discount. This under-valuation is attributed partly to Apple's privacy changes, which made tracking user data more difficult for social media companies. The speaker believes this valuation gap presents an opportunity for investors.