Zacks Investment Research Lowers Pandora Media, Inc. (P) to Sell
Pandora Media, Inc. (NYSE:P) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
According to Zacks, “Pandora Media, Inc. operates as a provider of Internet radio in the United States. It provides services to traditional computers, smartphones, such as Android phones, Blackberry phones and the iPhone. When a listener enters a single song, artist, composer or genre to start a station, its mathematical algorithms combine the genes cataloged with individual and collective feedback to suggest songs and build personalized playlists. The Company also offers advertising solutions addressing advertising markets: online display, rich media and video, mobile and broadcast radio. Pandora Media, Inc., formerly known as Savage Beast Technologies Incorporated, is based in Oakland, California. “
Several other research firms have also issued reports on P. Wells Fargo & Company reissued a “market perform” rating and issued a $10.00 price objective (down previously from $12.00) on shares of Pandora Media in a research report on Monday, June 12th. Morgan Stanley reissued an “overweight” rating and issued a $12.00 price objective on shares of Pandora Media in a research report on Wednesday, August 23rd. ValuEngine lowered shares of Pandora Media from a “sell” rating to a “strong sell” rating in a research report on Friday, September 22nd. Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $7.00 price objective (down previously from $12.00) on shares of Pandora Media in a research report on Sunday, June 18th. Finally, Citigroup Inc. reissued a “buy” rating and issued a $11.00 price objective (down previously from $12.00) on shares of Pandora Media in a research report on Tuesday, August 1st. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $11.76.
Pandora Media (NYSE:P) opened at 7.95 on Thursday. The firm has a 50-day moving average of $8.22 and a 200 day moving average of $9.26. Pandora Media has a 12 month low of $6.76 and a 12 month high of $14.70. The stock’s market cap is $1.93 billion.
Pandora Media (NYSE:P) last released its quarterly earnings data on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.08. Pandora Media had a negative net margin of 39.90% and a negative return on equity of 58.81%. The company had revenue of $376.83 million during the quarter, compared to analyst estimates of $367.51 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. Analysts anticipate that Pandora Media will post ($0.51) EPS for the current year.
In other news, insider Christopher W. Phillips sold 10,322 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $8.42, for a total value of $86,911.24. Following the transaction, the insider now directly owns 423,872 shares in the company, valued at approximately $3,569,002.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Gerbitz sold 9,959 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total transaction of $83,854.78. Following the completion of the transaction, the executive vice president now owns 355,607 shares in the company, valued at $2,994,210.94. The disclosure for this sale can be found here. Insiders have sold a total of 67,366 shares of company stock worth $564,822 over the last quarter. 2.59% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Falcon Point Capital LLC bought a new position in shares of Pandora Media in the 2nd quarter worth about $102,000. Prudential Financial Inc. bought a new position in shares of Pandora Media in the 2nd quarter worth about $109,000. Symmetry Peak Management LLC bought a new position in shares of Pandora Media in the 2nd quarter worth about $112,000. Aperio Group LLC bought a new position in shares of Pandora Media in the 2nd quarter worth about $115,000. Finally, Virtu Financial LLC bought a new position in shares of Pandora Media in the 2nd quarter worth about $121,000.
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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