PodcastOne (NASDAQ:PODC) Shares Down 2.6% – Here’s What Happened

PodcastOne, Inc. (NASDAQ:PODC)’s stock price dropped 2.6% during mid-day trading on Wednesday . The company traded as low as $2.17 and last traded at $2.24. Approximately 25,251 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 167,292 shares. The stock had previously closed at $2.30.

Wall Street Analyst Weigh In

PODC has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of PodcastOne in a research note on Monday, December 29th. Zacks Research upgraded shares of PodcastOne from a “strong sell” rating to a “hold” rating in a research report on Friday, November 14th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce”.

PodcastOne Price Performance

The stock has a market cap of $60.84 million, a price-to-earnings ratio of -14.93 and a beta of 0.01. The stock’s 50-day moving average is $2.60 and its 200 day moving average is $2.20.

PodcastOne (NASDAQ:PODC) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. PodcastOne had a negative return on equity of 24.78% and a negative net margin of 6.22%.The company had revenue of $15.86 million for the quarter, compared to analyst estimates of $15.03 million. Analysts anticipate that PodcastOne, Inc. will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Thompson Davis & CO. Inc. acquired a new position in PodcastOne during the second quarter worth $38,000. Creative Planning acquired a new stake in PodcastOne in the second quarter valued at $49,000. NewEdge Advisors LLC purchased a new stake in shares of PodcastOne during the 4th quarter worth $81,000. Citadel Advisors LLC boosted its position in shares of PodcastOne by 267.5% during the 3rd quarter. Citadel Advisors LLC now owns 41,958 shares of the company’s stock worth $70,000 after purchasing an additional 30,541 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of PodcastOne during the 2nd quarter worth $316,000. Institutional investors and hedge funds own 2.87% of the company’s stock.

PodcastOne Company Profile

PodcastOne is a leading digital audio network specializing in the development, production and distribution of original podcast programming. The company offers a diverse slate of exclusive shows spanning genres such as entertainment, sports, business, politics and lifestyle. Its content lineup features long-form interviews, narrative series and personality-driven talk formats designed to engage listeners across North America and beyond.

The company’s revenue model centers on advertising and branded content solutions.