Shares of Pandora Media Inc (NYSE:P) are up over 18% in pre-market trading early this morning after a favorable ruling by the U.S. Copyright Royalty Board setting rates for streaming music considerably below what the artists and music executives had asked for. While the music industry was looking for between 25-29 cents per 100 streams, the ruling last night stated that streaming services must pay 14 cents per 100 streams. Pandora Media Inc (NYSE:P) was seeking 11 cents per 100 streams, and competitor iHeartRadio sought just 5 cents per 100 streams.
This is significant news for Pandora Media Inc (NYSE:P),who recieved a ruling closer in line with their request than that of the music industry. The stock increased 2.91% or $0.38 during the last trading session, hitting $13.44. About 1.00M shares traded hands. P has declined 28.55% since May 14, 2015 and is downtrending. It has underperformed the S&P500 by 24.87%.
From a total of 21 analysts covering Pandora Media (NYSE:P) stock, 11 rate it a “Buy”, 2 a “Sell”, and 8 a “Hold”. This means that 52% of the ratings are positive. The highest target price is $30 while the lowest target price is $10.0. The mean of all analyst targets is $20.59 which is 53.20% above today’s ($13.44) stock price. Pandora Media was the topic of 34 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. BMO Capital Markets initiated shares on December 3 with a “Market Perform” rating. SunTrust maintained shares with a”Buy” rating and a $25 target share price in their report from an August 15. Axiom Capital maintained P stock in a recent report from November 17 with a “Hold” rating. Vetr downgraded the rating on August 5. Vetr has a “Sell” rating and a $15.77 price target on shares. Finally, Northland Capital maintained the stock with a “Outperform” rating in a report they issued on an October 26.
The institutional sentiment increased to 1.27 in Q2 2015. It’s up 0.22, from 1.05 in 2015Q2. The ratio improved, as 38 funds sold all their Pandora Media Inc shares they owned while 65 reduced their positions. 47 funds bought stakes while 84 increased their total positions. Institutions now own 184.97 million shares which is 10.76% less than the previous share count of 207.27 million in 2015Q2.
Crosslink Capital Inc holds 18.34% of its total portfolio in Pandora Media Inc, equating to 6.16 million shares. Falcon Edge Capital Lp owns 4.67 million shares representing 6.9% of their total US portfolio. Moreover, Light Street Capital Management Llc has 5.9% of their total portfolio invested in the company, equating to 1.85 million shares. The New York-based Ao Asset Management Llc has a total of 4.89% of their portfolio invested in the stock. Omt Capital Management Llc, a California-based fund reported 173,600 shares owned.
Since February 26, 2015, the stock had 0 insider purchases, and 3 insider sales for a total of $328,088 in net activity. Fleming-Wood Simon sold 8,871 shares worth $169,873. Sze David L sold 30,000 shares worth $569,796. Feuille James sold 67,841 shares worth $1.24 million. Trimble John sold 50,000 shares worth $938,430. The insider Westergren Timothy sold 160,000 shares worth $2.99 million.
Pandora Media, Inc. is a United States well-known provider of Internet radio in the United States. The company has a market cap of $2.79 billion. The Firm offers a personalized experience for each of its listeners wherever and whenever they want to listen to radio on a range of smartphones, tablets, computers and car audio systems, as well as a range of other Internet-connected devices. It currently has negative earnings. It allows local and national advertisers to deliver targeted messages to its listeners using a combination of audio, display and video advertisements.