Cascend Securities assumed coverage on shares of Pandora Media (NYSE:P) in a research report report published on Monday morning. The brokerage issued a sell rating and a $6.00 price objective on the Internet radio service’s stock.
Other research analysts have also issued research reports about the company. Macquarie reissued a hold rating and set a $5.00 price objective on shares of Pandora Media in a report on Sunday, February 25th. JPMorgan Chase cut their price objective on Pandora Media from $8.00 to $7.00 and set a neutral rating for the company in a report on Tuesday, April 10th. Raymond James raised Pandora Media from a market perform rating to a strong-buy rating and set a $8.00 price objective for the company in a report on Thursday, March 22nd. Credit Suisse Group reissued a neutral rating and set a $5.00 price objective (down previously from $6.00) on shares of Pandora Media in a report on Thursday, February 22nd. Finally, Stifel Nicolaus reissued a hold rating and set a $7.00 price objective on shares of Pandora Media in a report on Friday, February 23rd. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Pandora Media presently has a consensus rating of Hold and a consensus target price of $8.54.
Pandora Media opened at $7.41 on Monday, MarketBeat.com reports. The company has a quick ratio of 3.62, a current ratio of 3.62 and a debt-to-equity ratio of 6.15. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -5.98 and a beta of -0.59. Pandora Media has a twelve month low of $7.21 and a twelve month high of $7.45.
Pandora Media (NYSE:P) last posted its earnings results on Thursday, May 3rd. The Internet radio service reported ($0.27) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.38) by $0.11. Pandora Media had a negative return on equity of 198.06% and a negative net margin of 37.21%. The business had revenue of $319.20 million during the quarter, compared to analyst estimates of $304.43 million. During the same quarter in the previous year, the firm earned ($0.24) EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. sell-side analysts expect that Pandora Media will post -0.89 EPS for the current fiscal year.
In other Pandora Media news, insider Christopher W. Phillips sold 22,083 shares of the business’s stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $7.32, for a total value of $161,647.56. Following the completion of the sale, the insider now owns 750,604 shares in the company, valued at $5,494,421.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.59% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Ontario Teachers Pension Plan Board lifted its position in Pandora Media by 126.9% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 16,000,000 shares of the Internet radio service’s stock valued at $77,120,000 after purchasing an additional 8,947,201 shares during the last quarter. Slate Path Capital LP raised its holdings in shares of Pandora Media by 9.1% during the fourth quarter. Slate Path Capital LP now owns 11,215,000 shares of the Internet radio service’s stock valued at $54,056,000 after acquiring an additional 935,000 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Pandora Media by 55.8% during the fourth quarter. First Trust Advisors LP now owns 10,526,204 shares of the Internet radio service’s stock valued at $50,736,000 after acquiring an additional 3,768,553 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Pandora Media by 91.0% during the first quarter. Point72 Asset Management L.P. now owns 7,199,893 shares of the Internet radio service’s stock valued at $36,215,000 after acquiring an additional 3,430,893 shares in the last quarter. Finally, Hunt Lane Capital LP raised its holdings in shares of Pandora Media by 114.1% during the fourth quarter. Hunt Lane Capital LP now owns 6,850,000 shares of the Internet radio service’s stock valued at $33,017,000 after acquiring an additional 3,650,000 shares in the last quarter.
About Pandora Media
Pandora Media, Inc provides music discovery platform services in the United States and internationally. The company offers streaming radio and on-demand music services, which enable the listeners to create personalized stations and playlists, as well as search and play songs and albums on-demand. It also provides Pandora?Ad-Supported Radio Service, an ad-supported service that allows listeners to access a catalog of music, comedy, livestreams, and podcasts through its personalized playlist generating system for free across its various delivery platforms, as well as Premium Access, a service to listeners to access on-demand listening experience; and Pandora Plus, a subscription radio service, which also includes replays, additional skipping of songs, offline listening, higher quality audio on supported devices, and longer timeout-free listening.
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