Short Interest in PodcastOne, Inc. (NASDAQ:PODC) Declines By 32.2%

Key Points

• Short interest fell 32.2% in April to 82,006 shares (about 1.4% of the stock), with a days-to-cover ratio of roughly 3.0.
• Analysts have a consensus "Reduce" rating on PODC — Weiss Ratings reiterated a Sell (d-), and the visible coverage shows one Hold and one Sell.
• Shares traded up 3.9% to $3.31 on above-average volume; the company has a market cap of $90.85M, a negative PE, and recently posted slightly better-than-expected quarterly revenue and EPS.

PodcastOne, Inc. (NASDAQ:PODC - Get Free Report) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totaling 82,006 shares, a drop of 32.2% from the March 31st total of 120,926 shares. Currently, 1.4% of the company's stock are sold short. Based on an average daily trading volume, of 27,796 shares, the days-to-cover ratio is currently 3.0 days.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of PodcastOne in a report on Friday, March 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce".

PodcastOne Stock Up 3.9%

Shares of NASDAQ:PODC traded up $0.13 on Tuesday, hitting $3.31. 128,499 shares of the company traded hands, compared to its average volume of 115,606. PodcastOne has a 52 week low of $1.30 and a 52 week high of $3.42. The stock has a 50 day simple moving average of $2.39 and a 200-day simple moving average of $2.36. The company has a market cap of $90.85 million, a PE ratio of -22.03 and a beta of 0.48.

PodcastOne (NASDAQ:PODC - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. PodcastOne had a negative return on equity of 24.78% and a negative net margin of 6.22%.The company had revenue of $15.86 million during the quarter, compared to the consensus estimate of $15.03 million. As a group, sell-side analysts anticipate that PodcastOne will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning purchased a new stake in PodcastOne in the second quarter worth about $49,000. Citadel Advisors LLC lifted its position in shares of 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 buying an additional 30,541 shares in the last quarter. Finally, NewEdge Advisors LLC purchased a new position in shares of PodcastOne during the 4th quarter valued at about $81,000. 2.87% of the stock is owned by hedge funds and other institutional investors.

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.

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