Insider Buying: PodcastOne (NASDAQ:PODC) Director Purchases 7,000 Shares of Company Stock

Key Points

• PodcastOne director D. Jonathan Merriman purchased 7,000 shares at an average price of $2.21, investing $15,470 and increasing his ownership by 1.85% to 386,132 shares.
• Merriman has made several additional purchases since mid-August, accumulating more than 76,000 shares as PodcastOne’s stock price declined from $3.20 to roughly $2.31.
• PodcastOne reported a quarterly loss of $0.05 per share and revenue below estimates, while analysts have assigned the stock an overall “Sell” rating; shares have a 52-week range of $1.50 to $5.20.

PodcastOne, Inc. (NASDAQ:PODC - Get Free Report) Director D Merriman purchased 7,000 shares of the business's stock in a transaction dated Wednesday, September 30th. The shares were purchased at an average price of $2.21 per share, for a total transaction of $15,470.00. Following the acquisition, the director owned 386,132 shares of the company's stock, valued at approximately $853,351.72. The trade was a 1.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, September 24th, D Merriman purchased 11,000 shares of PodcastOne stock. The shares were purchased at an average cost of $2.21 per share, with a total value of $24,310.00.
• On Friday, September 18th, D Merriman acquired 6,700 shares of PodcastOne stock. The stock was purchased at an average price of $2.36 per share, with a total value of $15,812.00.
• On Wednesday, September 16th, D Merriman acquired 7,700 shares of PodcastOne stock. The stock was acquired at an average cost of $2.30 per share, for a total transaction of $17,710.00.
• On Friday, August 21st, D Merriman bought 15,700 shares of PodcastOne stock. The shares were acquired at an average price of $2.75 per share, for a total transaction of $43,175.00.
• On Monday, August 17th, D Merriman bought 11,300 shares of PodcastOne stock. The shares were acquired at an average price of $2.80 per share, for a total transaction of $31,640.00.
• On Friday, August 14th, D Merriman bought 17,000 shares of PodcastOne stock. The stock was acquired at an average cost of $3.20 per share, with a total value of $54,400.00.

PodcastOne Stock Performance

Shares of PODC stock remained flat at $2.31 during mid-day trading on Thursday. The stock had a trading volume of 50,762 shares, compared to its average volume of 116,296. PodcastOne, Inc. has a 52-week low of $1.50 and a 52-week high of $5.20. The company has a 50-day moving average of $2.83 and a 200-day moving average of $3.26. The firm has a market capitalization of $69.88 million, a PE ratio of -19.25 and a beta of 2.10.

PodcastOne (NASDAQ:PODC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 17.56%. The business had revenue of $16.12 million for the quarter, compared to the consensus estimate of $17.76 million. As a group, equities research analysts predict that PodcastOne, Inc. will post -0.12 EPS for the current fiscal year.

Institutional Trading of PodcastOne

Hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in PodcastOne in the second quarter worth about $32,000. Permanens Capital L.P. bought a new stake in shares of PodcastOne during the 2nd quarter valued at about $45,000. BlackRock Inc. purchased a new stake in shares of PodcastOne during the 2nd quarter valued at about $280,000. NewEdge Advisors LLC increased its position in shares of PodcastOne by 168.2% during the 1st quarter. NewEdge Advisors LLC now owns 88,455 shares of the company's stock valued at $180,000 after purchasing an additional 55,473 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in shares of PodcastOne in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 2.87% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PODC. Zacks Research lowered shares of PodcastOne from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 19th. Weiss Ratings restated a "sell (d-)" rating on shares of PodcastOne in a research report on Monday, September 21st. Finally, Wall Street Zen cut shares of PodcastOne from a "hold" rating to a "sell" rating in a report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of "Sell".

PodcastOne Company Profile

PodcastOne is a digital media and podcasting company that operates a podcast network and provides services for podcast creators, advertisers and audiences. Its business includes podcast production, distribution, hosting, audience development and advertising sales, with programming spanning news, entertainment, sports, comedy, business and lifestyle topics.

The company also offers podcast-related technology and analytics designed to help creators manage and grow their shows, while giving advertisers opportunities to reach targeted audiences through audio and other digital media.

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.