PodcastOne, Inc. (NASDAQ: PODC) experienced a notable increase in insider trading activity when Director D Jonathan Merriman purchased 5,700 shares of the company’s stock on December 5, 2023. The shares were acquired at an average price of $2.16 each, resulting in a total investment of $12,312. Following this transaction, Merriman now directly owns 277,152 shares of PodcastOne, valued at approximately $598,648.32. This acquisition marks a 2.10% increase in his holdings.
A filing with the U.S. Securities and Exchange Commission (SEC) disclosed the details of this transaction. The increased investment by Merriman could signal his confidence in the company’s future prospects.
Stock Performance and Recent Trading Activity
On December 5, PodcastOne’s stock saw a modest increase, trading up by 3.7% to reach $2.24 per share. A total of 14,540 shares changed hands during this trading session, which is below the average daily volume of 52,772 shares. The stock has shown a 50-day moving average of $2.06 and a 200-day moving average of $1.94. Over the past year, the stock has fluctuated between a low of $1.28 and a high of $2.94, reflecting a volatile market presence.
PodcastOne currently holds a market capitalization of $60.28 million with a price-to-earnings (P/E) ratio of -11.20. The company’s beta is noted at -0.11, indicating lower volatility compared to the broader market.
Institutional Investor Activity
The recent trading activity has attracted interest from several institutional investors. During the first quarter, XTX Topco Ltd acquired a new stake in PodcastOne valued at approximately $26,000. Additionally, Pingora Partners LLC significantly increased its holdings by 122.3%, now owning 16,724 shares worth around $27,000 after a recent purchase of 9,200 shares.
In the second quarter, Thompson Davis & CO. Inc. entered the market with a new stake valued at $38,000, while Creative Planning also established a position worth approximately $49,000. Notably, Citadel Advisors LLC increased its stake by 267.5% in the third quarter, now holding 41,958 shares valued at about $70,000. Currently, institutional investors own 2.87% of PodcastOne’s stock.
Analyst Ratings and Outlook
Analysts have issued varying ratings for PodcastOne shares in recent weeks. Weiss Ratings reaffirmed a “sell (d-)” rating on December 2, 2023, while Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on November 14, 2023. Presently, one equity research analyst has assigned a “Hold” rating, while another has rated it as a “Sell.” According to data from MarketBeat, the consensus rating for PodcastOne is currently “Reduce,” indicating cautious sentiment among analysts.
Company Overview
PodcastOne, Inc. operates as a prominent podcast platform and publisher, distributing content through various platforms such as its website, Apple Podcasts, Spotify, and Amazon Music. The company also produces vodcasts, branded podcasts, merchandise, and live events. Additionally, PodcastOne manages LaunchPadOne, a self-publishing podcast platform that further diversifies its offerings.
As the podcast industry continues to grow, the strategic moves by directors and institutional investors at PodcastOne may prove significant in shaping the company’s trajectory in the coming months.
