Insider Buying: PodcastOne (NASDAQ:PODC) Director Buys 11,300 Shares

Key Points

• PodcastOne director D. Jonathan Merriman bought 11,300 shares at an average price of $2.80, investing $31,640 and increasing his stake to 338,032 shares. This follows additional purchases of 17,000 shares in August and 7,000 shares in May.
• PodcastOne’s stock fell to $2.83, while the company reported a quarterly loss of $0.05 per share and revenue of $16.12 million, below analysts’ $17.76 million estimate.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating, with one Hold and one Sell rating, while institutional investors own just 2.87% of shares.

PodcastOne, Inc. (NASDAQ:PODC - Get Free Report) Director D Jonathan Merriman acquired 11,300 shares of the business's stock in a transaction on Monday, August 17th. The shares were purchased at an average cost of $2.80 per share, for a total transaction of $31,640.00. Following the completion of the transaction, the director owned 338,032 shares in the company, valued at approximately $946,489.60. This represents a 3.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

D Jonathan Merriman also recently made the following trade(s):

• On Friday, August 14th, D Jonathan Merriman bought 17,000 shares of PodcastOne stock. The stock was purchased at an average cost of $3.20 per share, with a total value of $54,400.00.
• On Friday, May 22nd, D Jonathan Merriman bought 7,000 shares of PodcastOne stock. The stock was purchased at an average price of $4.38 per share, with a total value of $30,660.00.

PodcastOne Price Performance

PODC stock traded down $0.34 during midday trading on Monday, hitting $2.83. The stock had a trading volume of 192,024 shares, compared to its average volume of 123,641. The firm has a market cap of $85.47 million, a price-to-earnings ratio of -23.58 and a beta of 2.15. The business has a 50-day moving average of $3.92 and a two-hundred day moving average of $3.28. PodcastOne, Inc. has a 52-week low of $1.30 and a 52-week high of $5.20.

PodcastOne (NASDAQ:PODC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 19.85%. The firm had revenue of $16.12 million for the quarter, compared to analysts' expectations of $17.76 million. Research analysts predict that PodcastOne, Inc. will post -0.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on PODC shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of PodcastOne in a research note on Wednesday, June 24th. Wall Street Zen cut shares of PodcastOne from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce".

Hedge Funds Weigh In On PodcastOne

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP purchased a new stake in shares of PodcastOne during the 1st quarter valued at about $30,000. Permanens Capital L.P. purchased a new stake in PodcastOne in the second quarter worth approximately $45,000. Creative Planning purchased a new stake in PodcastOne in the second quarter worth approximately $49,000. Citadel Advisors LLC grew its position in 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 bought a new stake in PodcastOne in the 4th quarter worth approximately $81,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source