Pandora Media, Inc. (P) Sees Large Decline in Short Interest
Pandora Media, Inc. (NYSE:P) was the target of a large decline in short interest in the month of September. As of September 29th, there was short interest totalling 68,598,716 shares, a decline of 13.4% from the September 15th total of 79,188,542 shares. Based on an average daily trading volume, of 5,992,021 shares, the short-interest ratio is currently 11.4 days. Currently, 29.0% of the shares of the company are sold short.
In related news, EVP David Gerbitz sold 30,000 shares of Pandora Media stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $8.34, for a total value of $250,200.00. Following the sale, the executive vice president now directly owns 335,607 shares in the company, valued at approximately $2,798,962.38. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Stephen G. Bene sold 6,538 shares of Pandora Media stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $8.42, for a total transaction of $55,049.96. The disclosure for this sale can be found here. Insiders sold a total of 67,366 shares of company stock valued at $564,822 over the last ninety days. Company insiders own 2.59% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Pandora Media by 4.8% in the second quarter. Vanguard Group Inc. now owns 18,059,537 shares of the Internet radio service’s stock valued at $161,092,000 after purchasing an additional 829,682 shares in the last quarter. Waddell & Reed Financial Inc. raised its stake in Pandora Media by 9.1% in the first quarter. Waddell & Reed Financial Inc. now owns 13,919,032 shares of the Internet radio service’s stock valued at $164,384,000 after purchasing an additional 1,156,593 shares in the last quarter. First Trust Advisors LP raised its stake in Pandora Media by 51.9% in the second quarter. First Trust Advisors LP now owns 7,183,485 shares of the Internet radio service’s stock valued at $64,077,000 after purchasing an additional 2,454,296 shares in the last quarter. Ontario Teachers Pension Plan Board raised its stake in Pandora Media by 0.7% in the second quarter. Ontario Teachers Pension Plan Board now owns 7,046,899 shares of the Internet radio service’s stock valued at $62,858,000 after purchasing an additional 46,899 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in Pandora Media by 15.3% in the first quarter. Macquarie Group Ltd. now owns 3,947,837 shares of the Internet radio service’s stock valued at $46,624,000 after purchasing an additional 523,131 shares in the last quarter.
Several analysts recently weighed in on P shares. Piper Jaffray Companies set a $13.00 price objective on shares of Pandora Media and gave the company a “buy” rating in a research report on Friday, October 6th. Zacks Investment Research downgraded shares of Pandora Media from a “hold” rating to a “sell” rating in a research report on Thursday, October 5th. Aegis cut their price objective on shares of Pandora Media from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, June 21st. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price objective on shares of Pandora Media in a research report on Thursday, September 14th. Finally, Wedbush reiterated a “buy” rating on shares of Pandora Media in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Pandora Media currently has a consensus rating of “Hold” and an average target price of $11.76.
Shares of Pandora Media (NYSE:P) opened at 7.68 on Thursday. The company’s market cap is $1.86 billion. The stock has a 50 day moving average of $8.11 and a 200 day moving average of $8.99. Pandora Media has a 12-month low of $6.76 and a 12-month high of $14.10.
Pandora Media (NYSE:P) last posted its quarterly earnings results on Monday, July 31st. The Internet radio service reported ($0.31) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.08. The business had revenue of $376.83 million during the quarter, compared to the consensus estimate of $367.51 million. Pandora Media had a negative return on equity of 58.81% and a negative net margin of 39.90%. Pandora Media’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. On average, equities analysts expect that Pandora Media will post ($0.50) earnings per share for the current fiscal year.
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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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