Pandora Media Inc. (P) Short Interest Update
Pandora Media Inc. (NYSE:P) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 46,381,526 shares, an increase of 8.0% from the October 14th total of 42,933,190 shares. Based on an average daily volume of 8,994,054 shares, the short-interest ratio is presently 5.2 days. Currently, 20.8% of the company’s stock are short sold.
A number of equities analysts have weighed in on the company. Goldman Sachs Group Inc. raised Pandora Media from a “buy” rating to a “conviction-buy” rating and boosted their price target for the stock from $17.00 to $19.00 in a research report on Tuesday, October 4th. Zacks Investment Research downgraded Pandora Media from a “hold” rating to a “sell” rating in a research report on Tuesday, October 11th. Bank of America Corp. reissued a “neutral” rating and set a $14.00 price target (up previously from $12.00) on shares of Pandora Media in a research report on Tuesday, August 23rd. RBC Capital Markets reissued a “sector perform” rating and set a $13.00 price target on shares of Pandora Media in a research report on Monday, July 25th. Finally, MKM Partners boosted their price target on Pandora Media from $11.50 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, August 4th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $15.02.
Pandora Media (NYSE:P) opened at 10.66 on Tuesday. The company’s market cap is $2.49 billion. Pandora Media has a 52-week low of $7.10 and a 52-week high of $16.23. The firm’s 50 day moving average is $12.62 and its 200 day moving average is $12.40.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Tuesday, October 25th. The Internet radio service reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by $0.01. Pandora Media had a negative net margin of 20.50% and a negative return on equity of 30.45%. The company had revenue of $351.90 million for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned $0.10 EPS. Pandora Media’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts forecast that Pandora Media will post ($0.63) EPS for the current fiscal year.
In other news, insider Christopher Douglas Martin sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $13.98, for a total value of $27,960.00. Following the sale, the insider now directly owns 338,569 shares in the company, valued at $4,733,194.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.64% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in P. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Pandora Media by 12.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,074 shares of the Internet radio service’s stock valued at $116,000 after buying an additional 876 shares in the last quarter. Gruss & Co. Inc. bought a new position in shares of Pandora Media during the second quarter valued at about $125,000. Osterweis Capital Management Inc. bought a new position in shares of Pandora Media during the second quarter valued at about $125,000. Passport Capital LLC bought a new position in shares of Pandora Media during the second quarter valued at about $127,000. Finally, DIAM Co. Ltd. bought a new position in shares of Pandora Media during the third quarter valued at about $133,000.
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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