Pandora Media (P) Stock Price Down 8.6% After Earnings Miss

Shares of Pandora Media Inc (NYSE:P) fell 8.6% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $4.86 and last traded at $4.87. 29,287,872 shares changed hands during mid-day trading, an increase of 191% from the average session volume of 10,056,329 shares. The stock had previously closed at $5.33.

The Internet radio service reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.14). Pandora Media had a negative net margin of 36.83% and a negative return on equity of 99.11%. The firm had revenue of $395.00 million during the quarter, compared to the consensus estimate of $376.79 million. During the same period in the previous year, the firm posted ($0.13) EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year.

Several equities research analysts recently weighed in on P shares. JPMorgan Chase & Co. lowered Pandora Media from an “overweight” rating to a “neutral” rating and set a $9.00 target price for the company. in a report on Friday, November 3rd. Stifel Nicolaus set a $12.00 target price on Pandora Media and gave the stock a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research upgraded Pandora Media from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. BMO Capital Markets upgraded Pandora Media from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $11.00 to $7.00 in a report on Thursday, November 16th. Finally, B. Riley lowered Pandora Media from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $8.00 in a report on Friday, November 3rd. Four equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $9.31.

In other news, CEO Roger Lynch sold 78,707 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $4.77, for a total transaction of $375,432.39. Following the sale, the chief executive officer now directly owns 701,607 shares in the company, valued at $3,346,665.39. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Stephen G. Bene sold 11,260 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.07, for a total value of $57,088.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,204 shares of company stock worth $606,102. 2.59% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. grew its position in Pandora Media by 254.2% in the third quarter. Oppenheimer & Co. Inc. now owns 54,900 shares of the Internet radio service’s stock valued at $422,000 after acquiring an additional 39,400 shares during the period. Russell Investments Group Ltd. grew its position in Pandora Media by 1.7% in the third quarter. Russell Investments Group Ltd. now owns 1,481,600 shares of the Internet radio service’s stock valued at $11,409,000 after acquiring an additional 25,132 shares during the period. Teton Advisors Inc. grew its position in Pandora Media by 200.7% in the third quarter. Teton Advisors Inc. now owns 75,721 shares of the Internet radio service’s stock valued at $583,000 after acquiring an additional 50,540 shares during the period. State Street Corp grew its position in Pandora Media by 2.0% in the second quarter. State Street Corp now owns 3,009,871 shares of the Internet radio service’s stock valued at $26,850,000 after acquiring an additional 59,948 shares during the period. Finally, EastBay Asset Management LLC bought a new stake in Pandora Media in the fourth quarter valued at $29,127,000.

The stock has a market capitalization of $1,211.57, a PE ratio of -1.91 and a beta of -0.48. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 1.58.

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About Pandora Media

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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