Is Pinterest (PINS 0.17%) the worst house in the best neighborhood? This is the question that Motley Fool contributor Jason Hall posed to Millionacres editor Deidre Woollard in this video clip from Motley Fool Backstage Pass, recorded on Sept. 3. In this analogy, a house is a stock and the neighborhood is the social-media space.

As it turns out, Woollard doesn't really see Pinterest as a social media stock at all, and she explains her rationale by talking about the company's new concept, Idea Pins. 

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Deidre Woollard: Pinterest, not having the best year, but here's why I think Pinterest is a really interesting play. That is what they're planning to do right now. What they're starting to rollout is this idea of Idea Pins.

Idea Pins are basically taking the idea of pinning, which mostly has been passive in the past, now turning that into this way of creating videos that is more like Canva -- it's a creation engine. The great thing about this is that it is going to be fantastic for commerce, for selling things.

The stock has been down around 17% year over year and so it's low-priced. This means you can get in now. Huge total addressable market. This is a go-anywhere stock because pinning has been an at-home activity. Certainly during the pandemic, people were pinning recipes, and decorating, and all of those things. But this is also a mobile stock. We're seeing more and more people using the Pinterest app.

Global monthly users are up 9% year over year, but the monthly mobile users were up 20%. Potential for growth internationally is huge with Pinterest as well, and it's really becoming this immersive engine. The idea of video -- video is where the internet is going, it's going to make Pinterest even more attractive to a growing audience.

Jason Hall: I'm looking at Pinterest, and I'm seeing some of the same thing that I'm worried about with Peloton, that it seems like there's just a little bit of a slowdown with engagements, and actually some metrics here that worry me, like where it's reached a peak. It seems like maybe it's a temporary peak. Think about in North America anyway, the big market where most of the money is made, seems like growth's almost come to a halt.

It's a fixer-upper, but it seems like maybe this isn't the worst house in the best neighborhood or is it? It just seems like it's a worst house and maybe as the neighborhood's not as nice as we thought? Deidre, help me out here.

Woollard: I think it depends on what neighborhood you think that Pinterest is in. I think that one of the things that is interesting is that it's currently considered to be in the social-media neighborhood, and in that case, it would be the worst house in the best neighborhood. But I believe that Pinterest is actually getting into really more of a content metric and instead of just strictly a social-media play.