Pandora Media Inc. (P) Sees Large Drop in Short Interest
Pandora Media Inc. (NYSE:P) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 48,435,141 shares, a decline of 3.3% from the August 31st total of 50,112,795 shares. Based on an average daily volume of 5,748,582 shares, the short-interest ratio is presently 8.4 days. Approximately 21.7% of the shares of the stock are sold short.
Shares of Pandora Media (NYSE:P) opened at 14.33 on Monday. Pandora Media has a 12 month low of $7.10 and a 12 month high of $22.20. The stock’s market cap is $3.31 billion. The company has a 50 day moving average of $13.88 and a 200 day moving average of $11.78.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.04. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. The firm earned $343 million during the quarter, compared to the consensus estimate of $351.48 million. Equities research analysts expect that Pandora Media will post ($0.39) earnings per share for the current fiscal year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of Pandora Media stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $13.60, for a total value of $27,200.00. Following the completion of the sale, the insider now directly owns 344,470 shares of the company’s stock, valued at approximately $4,684,792. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher W. Phillips sold 12,274 shares of Pandora Media stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $12.15, for a total transaction of $149,129.10. Following the completion of the sale, the insider now directly owns 288,878 shares of the company’s stock, valued at $3,509,867.70. The disclosure for this sale can be found here. Corporate insiders own 6.64% of the company’s stock.
A number of institutional investors have recently made changes to their positions in P. Squarepoint Ops LLC purchased a new position in shares of Pandora Media during the first quarter valued at about $600,000. Seven Eight Capital LLC bought a new stake in Pandora Media during the first quarter valued at $272,000. LPL Financial LLC boosted its stake in Pandora Media by 8.6% in the first quarter. LPL Financial LLC now owns 146,558 shares of the Internet radio service’s stock valued at $1,316,000 after buying an additional 11,630 shares during the last quarter. Sterling Ridge Capital Management LP bought a new stake in Pandora Media during the first quarter valued at $419,000. Finally, Natixis bought a new stake in Pandora Media during the first quarter valued at $159,000.
P has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 target price on shares of Pandora Media in a research note on Monday, September 26th. Macquarie reaffirmed an “outperform” rating and issued a $17.00 target price (up from $16.00) on shares of Pandora Media in a research note on Monday, August 29th. MKM Partners boosted their price objective on shares of Pandora Media from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 25th. FBR & Co reissued an “outperform” rating and set a $16.00 price objective on shares of Pandora Media in a research note on Tuesday, August 23rd. Finally, Axiom Securities reissued a “buy” rating on shares of Pandora Media in a research note on Monday, September 19th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $15.81.
About Pandora Media
Pandora Media, Inc (Pandora) is a music discovery platform, offering a personalized experience for each of its listeners wherever and whenever they want to listen to music, whether through earbuds, car speakers or live on stage. The Company delivers targeted messages to its listeners using a combination of audio, display and video advertisements.
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