Pandora Media Inc. (NYSE:P) was the recipient of a large drop in short interest in September. As of September 15th, there was short interest totalling 48,435,141 shares, a drop of 3.3% from the August 31st total of 50,112,795 shares. Currently, 21.7% of the shares of the stock are short sold. Based on an average trading volume of 5,748,582 shares, the days-to-cover ratio is presently 8.4 days.
Pandora Media (NYSE:P) opened at 14.33 on Monday. The company has a 50-day moving average of $13.88 and a 200-day moving average of $11.78. The company’s market cap is $3.31 billion. Pandora Media has a one year low of $7.10 and a one year high of $22.20.
Pandora Media (NYSE:P) last posted its earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.04. The business earned $343 million during the quarter, compared to analyst estimates of $351.48 million. Pandora Media had a negative return on equity of 25.53% and a negative net margin of 23.04%. Equities research analysts expect that Pandora Media will post ($0.39) EPS for the current fiscal year.
In other news, insider Christopher W. Phillips sold 12,274 shares of Pandora Media stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $12.15, for a total transaction of $149,129.10. Following the completion of the sale, the insider now owns 288,878 shares in the company, valued at approximately $3,509,867.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christopher Douglas Martin sold 2,000 shares of Pandora Media stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $13.21, for a total transaction of $26,420.00. Following the sale, the insider now owns 342,896 shares of the company’s stock, valued at approximately $4,529,656.16. The disclosure for this sale can be found here. 6.64% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jackson Square Partners LLC raised its position in Pandora Media by 83.2% in the first quarter. Jackson Square Partners LLC now owns 11,291,361 shares of the Internet radio service’s stock worth $101,057,000 after buying an additional 5,127,147 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Pandora Media during the second quarter worth $27,108,000. Tiger Management L.L.C. bought a new position in Pandora Media during the second quarter worth $18,191,000. Point72 Asset Management L.P. bought a new position in Pandora Media during the second quarter worth $17,226,000. Finally, Cornerstone Capital Management LLC raised its position in Pandora Media by 17.5% in the second quarter. Cornerstone Capital Management LLC now owns 5,051,243 shares of the Internet radio service’s stock worth $62,888,000 after buying an additional 753,567 shares during the last quarter.
Several equities research analysts have recently commented on P shares. Citigroup Inc. reiterated a “buy” rating and set a $16.00 price target on shares of Pandora Media in a research report on Wednesday, June 8th. Axiom Securities upgraded shares of Pandora Media from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Thursday, June 9th. Vetr upgraded shares of Pandora Media from a “hold” rating to a “strong-buy” rating and set a $14.50 price target for the company in a research report on Thursday, June 9th. Albert Fried & Company reiterated a “buy” rating on shares of Pandora Media in a research report on Monday, June 13th. Finally, Scotiabank upgraded shares of Pandora Media from an “underperform” rating to a “sector perform” rating in a research report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $15.81.
About Pandora Media
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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