Pandora Media’s (P) “Buy” Rating Reiterated at B. Riley
Pandora Media Inc. (NYSE:P)‘s stock had its “buy” rating reissued by research analysts at B. Riley in a research report issued on Thursday. They presently have a $18.00 price objective on the Internet radio service’s stock. B. Riley’s price objective suggests a potential upside of 31.58% from the stock’s previous close.
Other equities analysts have also issued reports about the company. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target on shares of Pandora Media in a research note on Tuesday, June 14th. MKM Partners reissued a “hold” rating and issued a $11.50 price target on shares of Pandora Media in a research note on Saturday, July 9th. Vetr lowered Pandora Media from a “strong-buy” rating to a “buy” rating and set a $15.56 price target on the stock. in a research note on Tuesday, September 13th. Wells Fargo & Co. restated a “hold” rating on shares of Pandora Media in a report on Wednesday. Finally, Albert Fried & Company restated a “buy” rating on shares of Pandora Media in a report on Monday, June 13th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $16.08.
Shares of Pandora Media (NYSE:P) opened at 13.68 on Thursday. The stock has a 50 day moving average price of $13.76 and a 200 day moving average price of $11.59. The firm’s market cap is $3.16 billion. Pandora Media has a 12-month low of $7.10 and a 12-month high of $22.20.
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Pandora Media (NYSE:P) last issued its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. Pandora Media had a negative return on equity of 25.53% and a negative net margin of 23.04%. The firm had revenue of $343 million for the quarter, compared to analyst estimates of $351.48 million. On average, equities analysts expect that Pandora Media will post ($0.39) earnings per share for the current year.
In other news, insider Christopher Douglas Martin sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $13.21, for a total value of $26,420.00. Following the completion of the transaction, the insider now owns 342,896 shares in the company, valued at approximately $4,529,656.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher W. Phillips sold 12,274 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $12.15, for a total value of $149,129.10. Following the completion of the transaction, the insider now owns 288,878 shares of the company’s stock, valued at approximately $3,509,867.70. The disclosure for this sale can be found here. 6.64% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. purchased a new position in Pandora Media during the second quarter worth approximately $169,000. Public Employees Retirement System of Ohio boosted its position in Pandora Media by 6.6% in the second quarter. Public Employees Retirement System of Ohio now owns 45,961 shares of the Internet radio service’s stock worth $572,000 after buying an additional 2,860 shares during the last quarter. Freshford Capital Management LLC purchased a new position in Pandora Media during the second quarter worth approximately $6,163,000. Amalgamated Bank boosted its position in Pandora Media by 35.7% in the second quarter. Amalgamated Bank now owns 33,936 shares of the Internet radio service’s stock worth $452,000 after buying an additional 8,933 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Pandora Media by 4.5% in the second quarter. Legal & General Group Plc now owns 15,023 shares of the Internet radio service’s stock worth $187,000 after buying an additional 650 shares during the last quarter.
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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