Traders Buy Large Volume of Pandora Media Put Options (P)

Pandora Media Inc (NYSE:P) saw some unusual options trading activity on Friday. Traders purchased 11,576 put options on the stock. This is an increase of approximately 503% compared to the typical daily volume of 1,920 put options.

P has been the subject of a number of research reports. B. Riley reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Pandora Media in a research note on Tuesday, May 9th. Instinet dropped their price target on shares of Pandora Media from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, May 9th. Pacific Crest reissued an “underweight” rating and set a $9.00 price target on shares of Pandora Media in a research report on Tuesday, May 9th. Cowen and Company decreased their price objective on shares of Pandora Media from $9.00 to $8.00 and set a “market perform” rating for the company in a report on Tuesday, May 9th. Finally, Macquarie lowered shares of Pandora Media from an “outperform” rating to a “neutral” rating and set a $11.00 price objective for the company. in a report on Friday. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Pandora Media currently has an average rating of “Hold” and an average price target of $13.38.

In related news, insider Christopher Douglas Martin sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $12.07, for a total transaction of $36,210.00. Following the sale, the insider now owns 300,311 shares of the company’s stock, valued at approximately $3,624,753.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Stephen G. Bene sold 6,161 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total transaction of $57,790.18. Following the sale, the general counsel now directly owns 272,060 shares in the company, valued at approximately $2,551,922.80. The disclosure for this sale can be found here. In the last three months, insiders sold 71,384 shares of company stock worth $746,943. Insiders own 6.64% of the company’s stock.

Several hedge funds have recently modified their holdings of P. Rhumbline Advisers boosted its position in shares of Pandora Media by 6.1% in the third quarter. Rhumbline Advisers now owns 206,532 shares of the Internet radio service’s stock worth $2,960,000 after buying an additional 11,798 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Pandora Media by 48.1% in the third quarter. TIAA CREF Investment Management LLC now owns 972,363 shares of the Internet radio service’s stock worth $13,934,000 after buying an additional 315,888 shares during the period. Teachers Advisors LLC boosted its position in shares of Pandora Media by 437.7% in the third quarter. Teachers Advisors LLC now owns 1,001,780 shares of the Internet radio service’s stock worth $14,356,000 after buying an additional 815,473 shares during the period. BlackRock Fund Advisors boosted its position in shares of Pandora Media by 3.9% in the third quarter. BlackRock Fund Advisors now owns 2,265,469 shares of the Internet radio service’s stock worth $32,464,000 after buying an additional 84,752 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Pandora Media by 16.9% in the third quarter. BlackRock Inc. now owns 39,180 shares of the Internet radio service’s stock worth $562,000 after buying an additional 5,676 shares during the period.

Pandora Media (NYSE:P) traded down 1.91% on Friday, reaching $9.24. 10,025,821 shares of the company’s stock traded hands. The stock’s market capitalization is $2.22 billion. The firm has a 50-day moving average price of $10.65 and a 200-day moving average price of $11.94. Pandora Media has a 52 week low of $8.92 and a 52 week high of $14.98.

Pandora Media (NYSE:P) last issued its earnings results on Monday, May 8th. The Internet radio service reported ($0.37) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.13. Pandora Media had a negative return on equity of 40.86% and a negative net margin of 24.77%. The business had revenue of $316 million during the quarter, compared to the consensus estimate of $318.15 million. During the same period last year, the company earned ($0.20) EPS. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, analysts predict that Pandora Media will post ($0.53) earnings per share for the current year.

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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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