Pandora Media, Inc. (NYSE:P) Shares Gap Down Following Analyst Downgrade

Pandora Media, Inc. (NYSE:P)’s share price gapped down prior to trading on Tuesday after BidaskClub downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $9.15, but opened at $8.95. Pandora Media shares last traded at $8.65, with a volume of 14,126,574 shares traded.

A number of other equities analysts also recently commented on the stock. MKM Partners reaffirmed a “neutral” rating and set a $10.00 target price on shares of Pandora Media in a research note on Wednesday, August 2nd. Barrington Research reissued a “market perform” rating on shares of Pandora Media in a research note on Wednesday, August 2nd. Credit Suisse Group reissued a “neutral” rating and issued a $8.95 price target (up from $8.55) on shares of Pandora Media in a research note on Tuesday, August 1st. Bank of America Corporation reissued an “underperform” rating and issued a $7.50 price target (down from $9.00) on shares of Pandora Media in a research note on Tuesday, August 1st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target (down from $15.00) on shares of Pandora Media in a research note on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Pandora Media presently has a consensus rating of “Hold” and an average target price of $12.07.

In other Pandora Media news, CRO John Trimble sold 10,547 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $8.42, for a total transaction of $88,805.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Stephen G. Bene sold 6,538 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total transaction of $55,049.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,366 shares of company stock worth $342,162. Corporate insiders own 2.59% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Falcon Point Capital LLC purchased a new stake in Pandora Media during the second quarter valued at about $102,000. Two Sigma Securities LLC purchased a new stake in Pandora Media during the first quarter valued at about $136,000. Prudential Financial Inc. purchased a new stake in Pandora Media during the second quarter valued at about $109,000. Symmetry Peak Management LLC purchased a new stake in Pandora Media during the second quarter valued at about $112,000. Finally, Aperio Group LLC purchased a new stake in Pandora Media during the second quarter valued at about $115,000.

The stock has a 50 day moving average of $8.89 and a 200-day moving average of $10.31. The stock’s market cap is $2.01 billion.

Pandora Media (NYSE:P) last released its earnings results on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.39) by $0.08. Pandora Media had a negative return on equity of 58.81% and a negative net margin of 39.90%. The company had revenue of $376.83 million for the quarter, compared to analysts’ expectations of $367.51 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. Equities analysts predict that Pandora Media, Inc. will post ($0.51) earnings per share for the current fiscal year.

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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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