PodcastOne (NASDAQ:PODC) Stock Price Down 2% – Here’s Why

PodcastOne, Inc. (NASDAQ:PODC) traded down 2% on Monday . The company traded as low as $3.97 and last traded at $4.00. Approximately 54,207 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 89,929 shares. The stock had previously closed at $4.08.

Analysts Set New Price Targets

PODC has been the topic of several research analyst reports. Wall Street Zen cut shares of PodcastOne from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings restated a “sell (d-)” rating on shares of PodcastOne in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PodcastOne currently has an average rating of “Reduce”.

PodcastOne Price Performance

The firm has a 50 day moving average price of $4.21 and a 200-day moving average price of $3.17. The firm has a market cap of $115.47 million, a price-to-earnings ratio of -34.91 and a beta of 2.04.

PodcastOne (NASDAQ:PODC) last announced its quarterly earnings data on Wednesday, June 24th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. The firm had revenue of $15.67 million during the quarter, compared to analyst estimates of $15.15 million. PodcastOne had a negative return on equity of 16.98% and a negative net margin of 4.29%. On average, sell-side analysts expect that PodcastOne, Inc. will post 0.02 EPS for the current fiscal year.

Insider Activity

In other PodcastOne news, Director D Jonathan Merriman purchased 7,000 shares of the stock in a transaction dated Friday, May 22nd. The stock was bought at an average price of $4.38 per share, for a total transaction of $30,660.00. Following the transaction, the director directly owned 309,732 shares in the company, valued at $1,356,626.16. This represents a 2.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 79.40% of the company’s stock.

Hedge Funds Weigh In On PodcastOne

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP bought a new position in PodcastOne in the first quarter valued at approximately $30,000. Creative Planning bought a new stake in shares of PodcastOne during the 2nd quarter valued at $49,000. Citadel Advisors LLC raised 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 valued at $70,000 after acquiring an additional 30,541 shares during the last quarter. Finally, NewEdge Advisors LLC bought a new stake in shares of PodcastOne during the 4th quarter valued at $81,000. 2.87% of the stock is currently owned by institutional investors and hedge funds.

About PodcastOne

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.