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

PodcastOne, Inc. (NASDAQ:PODC) shares fell 2% during mid-day trading on Monday . The company traded as low as $3.97 and last traded at $4.00. Approximately 54,207 shares were traded 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.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of PodcastOne in a research note on Wednesday, June 24th. Wall Street Zen lowered shares of PodcastOne from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce”.

PodcastOne Stock Performance

The business’s 50 day moving average price is $4.21 and its 200-day moving average price is $3.16. The firm has a market cap of $120.28 million, a price-to-earnings ratio of -36.36 and a beta of 2.04.

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

Insider Transactions at PodcastOne

In other news, Director D Jonathan Merriman bought 7,000 shares of PodcastOne stock in a transaction on Friday, May 22nd. The shares were bought at an average price of $4.38 per share, with a total value of $30,660.00. Following the acquisition, the director directly owned 309,732 shares in the company, valued at approximately $1,356,626.16. This represents a 2.31% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 79.40% of the stock is owned by insiders.

Institutional Investors Weigh In On PodcastOne

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new stake in shares of PodcastOne during the 1st quarter valued at approximately $30,000. Creative Planning acquired a new position in PodcastOne in the second quarter worth $49,000. Citadel Advisors LLC boosted its holdings in PodcastOne by 267.5% in the third quarter. Citadel Advisors LLC now owns 41,958 shares of the company’s stock worth $70,000 after purchasing an additional 30,541 shares during the period. Finally, NewEdge Advisors LLC acquired a new position in PodcastOne in the fourth quarter worth $81,000. 2.87% of the stock is currently owned by institutional investors.

PodcastOne Company Profile

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.