Pandora Media Inc. (P) Downgraded by Bank of America Corp.
Pandora Media Inc. (NYSE:P) was downgraded by stock analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research note issued on Monday.
A number of other analysts have also issued reports on the company. Zacks Investment Research lowered Pandora Media from a “hold” rating to a “sell” rating in a report on Tuesday, October 11th. Goldman Sachs Group Inc. upgraded Pandora Media from a “buy” rating to a “conviction-buy” rating and increased their target price for the company from $17.00 to $19.00 in a report on Tuesday, October 4th. B. Riley restated a “buy” rating and issued a $18.00 target price on shares of Pandora Media in a report on Sunday, October 2nd. Vetr upgraded Pandora Media from a “buy” rating to a “strong-buy” rating and set a $16.06 target price for the company in a report on Thursday, September 29th. Finally, JPMorgan Chase & Co. restated a “buy” rating and issued a $19.00 target price on shares of Pandora Media in a report on Tuesday, September 27th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Pandora Media presently has a consensus rating of “Buy” and a consensus price target of $15.81.
Shares of Pandora Media (NYSE:P) traded down 2.611% on Monday, hitting $12.495. The company’s stock had a trading volume of 4,314,180 shares. The stock’s market capitalization is $2.89 billion. Pandora Media has a 52 week low of $7.10 and a 52 week high of $20.55. The stock’s 50 day moving average price is $14.02 and its 200 day moving average price is $12.04.
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Pandora Media (NYSE:P) last released its earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.04. The company 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%. On average, analysts forecast that Pandora Media will post ($0.39) earnings per share for the current fiscal year.
In related news, insider Christopher W. Phillips sold 12,274 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 288,878 shares of the company’s stock, valued at approximately $3,509,867.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Douglas Martin sold 6,667 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $14.32, for a total transaction of $95,471.44. Following the completion of the sale, the insider now directly owns 347,236 shares in the company, valued at $4,972,419.52. The disclosure for this sale can be found here. Insiders own 6.64% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Gruss & Co. Inc. acquired a new stake in shares of Pandora Media during the second quarter valued at about $125,000. Osterweis Capital Management Inc. purchased a new position in Pandora Media during the second quarter valued at $125,000. Passport Capital LLC purchased a new position in Pandora Media during the second quarter valued at $127,000. Franklin Resources Inc. purchased a new position in Pandora Media during the second quarter valued at $144,000. Finally, Natixis purchased a new position in Pandora Media during the first quarter valued at $159,000.
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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