Short Interest in PodcastOne, Inc. (NASDAQ:PODC) Declines By 32.2%

PodcastOne, Inc. (NASDAQ:PODC) was the recipient of a significant drop in short interest in April. As of April 15th, there was short interest totaling 82,006 shares, a drop of 32.2% from the March 31st total of 120,926 shares. Based on an average daily volume of 27,796 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.4% of the company’s shares are sold short.

Institutional Investors Weigh In On PodcastOne

Hedge funds have recently added to or reduced their stakes in the business. Creative Planning acquired a new position in shares of PodcastOne in the 2nd quarter worth approximately $49,000. Citadel Advisors LLC lifted its position in shares of PodcastOne by 267.5% in the 3rd 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 shares of PodcastOne in the 4th quarter worth approximately $81,000. 2.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of PodcastOne in a report on Friday, March 27th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

PodcastOne Trading Up 14.0%

NASDAQ:PODC traded up $0.42 during mid-day trading on Thursday, hitting $3.41. 344,927 shares of the company’s stock were exchanged, compared to its average volume of 117,580. The company has a 50 day simple moving average of $2.41 and a 200-day simple moving average of $2.38. PodcastOne has a fifty-two week low of $1.30 and a fifty-two week high of $3.52. The firm has a market capitalization of $93.73 million, a P/E ratio of -22.73 and a beta of 0.48.

PodcastOne (NASDAQ:PODC) last posted its earnings results on Thursday, February 12th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. PodcastOne had a negative net margin of 6.22% and a negative return on equity of 24.78%. The business had revenue of $15.86 million for the quarter, compared to the consensus estimate of $15.03 million. As a group, analysts expect that PodcastOne will post -0.11 earnings per share for the current year.

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.