Pandora Media, Inc. (P) Sees Unusually-High Trading Volume Following Analyst Upgrade
Pandora Media, Inc. (NYSE:P) saw unusually-high trading volume on Friday after Aegis raised their price target on the stock from $16.00 to $17.00. Aegis currently has a buy rating on the stock. Approximately 17,292,947 shares were traded during trading, an increase of 135% from the previous session’s volume of 7,374,260 shares.The stock last traded at $12.76 and had previously closed at $12.00.
A number of other equities research analysts also recently issued reports on the stock. Goldman Sachs Group, Inc. (The) raised shares of Pandora Media from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the company from $17.00 to $19.00 in a research report on Tuesday, October 4th. Zacks Investment Research downgraded shares of Pandora Media from a “hold” rating to a “sell” rating in a research report on Tuesday, October 11th. Credit Suisse Group cut their price objective on shares of Pandora Media from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Monday, October 17th. RBC Capital Markets set a $13.00 price objective on shares of Pandora Media and gave the company a “hold” rating in a research report on Monday, October 24th. Finally, Mizuho reissued a “neutral” rating and set a $12.00 price objective on shares of Pandora Media in a research report on Friday, December 23rd. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $14.62.
In related news, insider Christopher Douglas Martin sold 2,000 shares of the firm’s stock in a transaction on Friday, December 16th. The shares were sold at an average price of $13.02, for a total transaction of $26,040.00. Following the sale, the insider now owns 326,668 shares in the company, valued at $4,253,217.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 6.64% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Pandora Media by 1.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,135,348 shares of the Internet radio service’s stock valued at $30,600,000 after buying an additional 20,810 shares during the period. LPL Financial LLC raised its stake in shares of Pandora Media by 0.9% in the third quarter. LPL Financial LLC now owns 71,412 shares of the Internet radio service’s stock valued at $1,048,000 after buying an additional 637 shares during the period. Teewinot Capital Advisers L.L.C. raised its stake in shares of Pandora Media by 32.2% in the third quarter. Teewinot Capital Advisers L.L.C. now owns 98,100 shares of the Internet radio service’s stock valued at $1,406,000 after buying an additional 23,900 shares during the period. National Asset Management Inc. bought a new stake in shares of Pandora Media during the third quarter valued at about $171,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Pandora Media during the third quarter valued at about $8,605,000.
The company’s market cap is $2.98 billion. The stock’s 50 day moving average is $12.82 and its 200 day moving average is $12.91.
Pandora Media (NYSE:P) last released its quarterly earnings results on Tuesday, October 25th. The Internet radio service reported ($0.07) 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 business earned $351.90 million during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.10 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts forecast that Pandora Media, Inc. will post ($0.63) EPS for the current year.
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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