PodcastOne (NASDAQ:PODC) Downgraded to “Strong Sell” Rating by Zacks Research

PodcastOne (NASDAQ:PODC) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other analysts also recently commented on the stock. Wall Street Zen downgraded shares of PodcastOne from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PodcastOne in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Sell rating, According to data from MarketBeat, PodcastOne currently has a consensus rating of “Sell”.

PodcastOne Trading Down 6.3%

PodcastOne stock opened at $2.52 on Wednesday. PodcastOne has a 12-month low of $1.30 and a 12-month high of $5.20. The firm has a market capitalization of $76.24 million, a price-to-earnings ratio of -21.00 and a beta of 2.15. The firm has a 50 day moving average of $3.79 and a 200 day moving average of $3.29.

PodcastOne (NASDAQ:PODC) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $16.12 million for the quarter, compared to analysts’ expectations of $17.76 million. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 17.56%. On average, analysts predict that PodcastOne will post -0.12 EPS for the current year.

Insider Buying and Selling

In other PodcastOne news, Director D Jonathan Merriman purchased 17,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $3.20 per share, for a total transaction of $54,400.00. Following the purchase, the director directly owned 326,732 shares of the company’s stock, valued at $1,045,542.40. This trade represents a 5.49% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On PodcastOne

Institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC boosted its position in shares of PodcastOne by 168.2% during the first quarter. NewEdge Advisors LLC now owns 88,455 shares of the company’s stock worth $180,000 after acquiring an additional 55,473 shares during the last quarter. BlackRock Inc. bought a new stake in PodcastOne in the 2nd quarter valued at $280,000. Citadel Advisors LLC increased its holdings in PodcastOne by 267.5% in 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. Creative Planning bought a new stake in PodcastOne in the 2nd quarter valued at $49,000. Finally, Dimensional Fund Advisors LP purchased a new stake in PodcastOne in the 1st quarter worth $30,000. Institutional investors own 2.87% of the company’s stock.

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.