PodcastOne, Inc. (NASDAQ:PODC) Shares Shorted: Short Interest Up 98.7% in October

PodcastOne, Inc. (NASDAQ:PODC) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 234,046 shares, an increase of 98.7% from the September 30th total of 117,794 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 63,542 shares, the short-interest ratio is currently 3.7 days.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PODC shares. Zacks Research raised shares of PodcastOne from a “strong sell” rating to a “hold” rating in a research note on Monday, October 19th. Wall Street Zen lowered PodcastOne from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of PodcastOne in a report on Monday, September 21st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, PodcastOne presently has a consensus rating of “Reduce”.

Insider Buying and Selling

In other news, Director D Merriman bought 15,700 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average price of $2.75 per share, with a total value of $43,175.00. Following the completion of the acquisition, the director directly owned 353,732 shares in the company, valued at approximately $972,763. This trade represents a 4.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased a total of 81,100 shares of company stock worth $212,293 over the last quarter. 7.80% of the stock is owned by insiders.

Institutional Trading of PodcastOne

Large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its stake in shares of PodcastOne by 344.3% in the 3rd quarter. International Assets Investment Management LLC now owns 43,100 shares of the company’s stock valued at $100,000 after acquiring an additional 33,400 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in PodcastOne during the second quarter worth approximately $32,000. Permanens Capital L.P. acquired a new position in PodcastOne during the second quarter valued at approximately $45,000. BlackRock Inc. acquired a new position in PodcastOne during the second quarter valued at approximately $280,000. Finally, NewEdge Advisors LLC grew its holdings in PodcastOne by 168.2% during the first quarter. NewEdge Advisors LLC now owns 88,455 shares of the company’s stock valued at $180,000 after purchasing an additional 55,473 shares during the last quarter. Institutional investors own 2.87% of the company’s stock.

PodcastOne Stock Down 6.3%

Shares of PODC opened at $2.24 on Tuesday. The company’s fifty day moving average is $2.27 and its 200-day moving average is $2.98. PodcastOne has a 12 month low of $1.41 and a 12 month high of $5.20. The firm has a market cap of $67.76 million, a price-to-earnings ratio of -18.67 and a beta of 2.18.

PodcastOne (NASDAQ:PODC) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter. The business had revenue of $16.12 million during the quarter, compared to analyst estimates of $17.76 million. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 17.56%. As a group, research analysts predict that PodcastOne will post -0.12 earnings per share for the current fiscal year.

PodcastOne Company Profile

PodcastOne, Inc operates a podcast network and digital audio platform that produces, distributes, hosts and monetizes podcasts. Its services include podcast advertising, sponsorship sales, audience development, content production and technology support for podcast creators and publishers.

The company’s programming spans news, comedy, entertainment, sports, business, lifestyle and true crime. PodcastOne distributes its shows through its own platform and major third-party audio services, while also providing advertisers with opportunities to reach podcast audiences through host-read advertisements, sponsorships and other integrated campaigns.

PodcastOne was founded in 2012 by radio executive Norm Pattiz and became part of LiveOne, Inc before becoming a separately traded public company on the Nasdaq.