Pandora Media Inc. (P) Cut to “Underperform” at Bank of America Corp.
Pandora Media Inc. (NYSE:P) was downgraded by Bank of America Corp. from a “neutral” rating to an “underperform” rating in a report issued on Monday, The Fly reports.
Other equities analysts have also recently issued reports about the stock. B. Riley reaffirmed a “buy” rating and set a $15.00 price target on shares of Pandora Media in a research note on Thursday, June 23rd. Morgan Stanley raised shares of Pandora Media from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $11.00 to $15.00 in a research note on Monday, June 27th. Vetr raised shares of Pandora Media from a “sell” rating to a “strong-buy” rating and set a $13.64 price target for the company in a research note on Monday, June 27th. Macquarie reaffirmed an “outperform” rating and set a $15.00 price target on shares of Pandora Media in a research note on Thursday, July 7th. Finally, Albert Fried & Company reaffirmed a “buy” rating on shares of Pandora Media in a research note on Friday, July 8th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $15.91.
Pandora Media (NYSE:P) opened at 12.83 on Monday. The company’s 50-day moving average is $14.02 and its 200-day moving average is $12.04. Pandora Media has a 12 month low of $7.10 and a 12 month high of $20.55. The stock’s market capitalization is $2.96 billion.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The business had revenue of $343 million for the quarter, compared to the consensus estimate of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. Equities analysts anticipate that Pandora Media will post ($0.39) earnings per share for the current year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $13.21, for a total value of $26,420.00. Following the transaction, the insider now directly owns 342,896 shares of the company’s stock, valued at $4,529,656.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher W. Phillips sold 12,274 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $12.15, for a total value of $149,129.10. Following the completion of the transaction, the insider now directly owns 288,878 shares in the company, valued at $3,509,867.70. The disclosure for this sale can be found here. 6.64% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of P. Gruss & Co. Inc. acquired a new position in shares of Pandora Media during the second quarter valued at about $125,000. Osterweis Capital Management Inc. purchased a new position in shares of Pandora Media during the second quarter worth $125,000. Passport Capital LLC purchased a new position in shares of Pandora Media during the second quarter worth $127,000. Franklin Resources Inc. purchased a new position in shares of Pandora Media during the second quarter worth $144,000. Finally, Natixis purchased a new position in shares of Pandora Media during the first quarter worth $159,000.
Pandora Media Company Profile
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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