PodcastOne (NASDAQ:PODC) Shares Down 2.6% – Here’s What Happened

PodcastOne, Inc. (NASDAQ:PODC)’s share price traded down 2.6% during mid-day trading on Wednesday . The stock traded as low as $2.17 and last traded at $2.24. 25,251 shares were traded during mid-day trading, a decline of 85% from the average session volume of 167,292 shares. The stock had previously closed at $2.30.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Zacks Research raised shares of PodcastOne from a “strong sell” rating to a “hold” rating in a research report on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of PodcastOne in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce”.

PodcastOne Price Performance

The company has a market cap of $60.84 million, a PE ratio of -14.93 and a beta of 0.01. The stock has a 50 day simple moving average of $2.60 and a two-hundred day simple moving average of $2.20.

PodcastOne (NASDAQ:PODC) last announced its earnings results on Thursday, February 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The business had revenue of $15.86 million for the quarter, compared to analyst estimates of $15.03 million. PodcastOne had a negative net margin of 6.22% and a negative return on equity of 24.78%. As a group, equities analysts anticipate that PodcastOne, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Thompson Davis & CO. Inc. purchased a new stake in shares of PodcastOne in the second quarter valued at about $38,000. Creative Planning purchased a new stake in PodcastOne during the 2nd quarter valued at approximately $49,000. Citadel Advisors LLC raised its stake in PodcastOne by 267.5% during the 3rd quarter. Citadel Advisors LLC now owns 41,958 shares of the company’s stock valued at $70,000 after acquiring an additional 30,541 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in PodcastOne during the 4th quarter worth approximately $81,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in PodcastOne during the 2nd quarter worth approximately $316,000. 2.87% of the stock is owned by hedge funds and other institutional investors.

About PodcastOne

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.