Pandora Media (P) Downgraded by Canaccord Genuity

Share on StockTwits

Canaccord Genuity downgraded shares of Pandora Media (NYSE:P) from a buy rating to a hold rating in a research report report published on Tuesday, Marketbeat Ratings reports. They currently have $9.00 target price on the Internet radio service’s stock, down from their prior target price of $11.00.

P has been the subject of a number of other reports. ValuEngine lowered shares of Pandora Media from a hold rating to a sell rating in a research note on Tuesday, July 10th. Goldman Sachs Group downgraded shares of Pandora Media from a buy rating to a neutral rating and dropped their price target for the stock from $12.00 to $10.00 in a research report on Wednesday, October 24th. Wedbush set a $10.00 price target on shares of Pandora Media and gave the stock a buy rating in a research report on Thursday, July 26th. Royal Bank of Canada upgraded shares of Pandora Media from a sector perform rating to an outperform rating in a research report on Wednesday, August 1st. Finally, Aegis downgraded shares of Pandora Media from a buy rating to a hold rating and set a $8.75 price target on the stock. in a research report on Monday, September 24th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $8.23.

Pandora Media stock traded down $0.02 during midday trading on Tuesday, reaching $8.79. 6,096,707 shares of the stock traded hands, compared to its average volume of 8,412,614. The company has a quick ratio of 2.73, a current ratio of 2.51 and a debt-to-equity ratio of 4.85. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of -7.09 and a beta of -0.42. Pandora Media has a fifty-two week low of $4.09 and a fifty-two week high of $10.07.

Pandora Media (NYSE:P) last posted its earnings results on Monday, November 5th. The Internet radio service reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. The firm had revenue of $417.63 million during the quarter, compared to analyst estimates of $400.69 million. Pandora Media had a negative net margin of 23.85% and a negative return on equity of 330.21%. Pandora Media’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. Research analysts expect that Pandora Media will post -0.95 earnings per share for the current year.

In related news, COO David Gerbitz sold 36,577 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $8.16, for a total value of $298,468.32. Following the sale, the chief operating officer now directly owns 574,617 shares in the company, valued at approximately $4,688,874.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO John Trimble sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $8.71, for a total transaction of $653,250.00. Following the completion of the sale, the executive now owns 620,916 shares in the company, valued at $5,408,178.36. The disclosure for this sale can be found here. Insiders sold a total of 255,890 shares of company stock worth $2,114,405 over the last quarter. Insiders own 2.59% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in shares of Pandora Media by 15.8% in the 2nd quarter. Brighton Jones LLC now owns 46,740 shares of the Internet radio service’s stock worth $368,000 after purchasing an additional 6,383 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Pandora Media by 10.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 98,400 shares of the Internet radio service’s stock valued at $936,000 after acquiring an additional 9,441 shares during the period. Teton Advisors Inc. raised its holdings in shares of Pandora Media by 5.3% during the third quarter. Teton Advisors Inc. now owns 194,839 shares of the Internet radio service’s stock valued at $1,853,000 after acquiring an additional 9,800 shares during the period. Xact Kapitalforvaltning AB raised its holdings in shares of Pandora Media by 41.0% during the first quarter. Xact Kapitalforvaltning AB now owns 40,252 shares of the Internet radio service’s stock valued at $202,000 after acquiring an additional 11,700 shares during the period. Finally, Ingalls & Snyder LLC raised its holdings in shares of Pandora Media by 46.6% during the third quarter. Ingalls & Snyder LLC now owns 38,792 shares of the Internet radio service’s stock valued at $369,000 after acquiring an additional 12,322 shares during the period.

About Pandora Media

Pandora Media, Inc provides music discovery platform services in the United States and internationally. The company offers streaming radio and on-demand music services, which enable the listeners to create personalized stations and playlists, as well as search and play songs and albums on-demand. It also provides Pandora—Ad-Supported Radio Service, an ad-supported service that allows listeners to access a catalog of music, comedy, livestreams, and podcasts through its personalized playlist generating system for free across its various delivery platforms, as well as Premium Access, a service to listeners to access on-demand listening experience; and Pandora Plus, a subscription radio service, which also includes replays, additional skipping of songs, offline listening, higher quality audio on supported devices, and longer timeout-free listening.

Further Reading: What are the risks of holding treasury bonds?

Analyst Recommendations for Pandora Media (NYSE:P)

Receive News & Ratings for Pandora Media Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pandora Media and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply