PodcastOne (NASDAQ:PODC) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Shares of PodcastOne, Inc. (NASDAQ:PODC) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $2.28 and traded as high as $2.54. PodcastOne shares last traded at $2.45, with a volume of 4,581,338 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PODC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PodcastOne in a report on Monday, September 21st. Wall Street Zen lowered shares of PodcastOne from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Finally, Zacks Research upgraded shares of PodcastOne from a “strong sell” rating to a “hold” rating in a research report on Monday, October 19th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce”.

PodcastOne Stock Up 36.1%

The stock has a market cap of $74.11 million, a price-to-earnings ratio of -20.42 and a beta of 2.18. The company’s 50-day simple moving average is $2.28 and its 200-day simple moving average is $2.98.

PodcastOne (NASDAQ:PODC) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) EPS for the quarter. The company had revenue of $16.12 million for the quarter, compared to analyst estimates of $17.76 million. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 17.56%. As a group, analysts expect that PodcastOne, Inc. will post -0.12 EPS for the current fiscal year.

Insider Activity

In related news, Director D Merriman bought 15,700 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were bought at an average cost of $2.75 per share, with a total value of $43,175.00. Following the completion of the transaction, the director directly owned 353,732 shares of the company’s stock, valued at approximately $972,763. This trade represents a 4.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 81,100 shares of company stock worth $212,293 over the last quarter. 7.80% of the stock is owned by insiders.

Institutional Investors Weigh In On PodcastOne

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its position in shares of PodcastOne by 43.3% in the 3rd quarter. International Assets Investment Management LLC now owns 13,898 shares of the company’s stock valued at $32,000 after purchasing an additional 4,198 shares during the period. Integrated Wealth Concepts LLC purchased a new position in PodcastOne in the 2nd quarter worth about $32,000. Permanens Capital L.P. acquired a new stake in PodcastOne during the 2nd quarter worth about $45,000. BlackRock Inc. acquired a new stake in PodcastOne during the 2nd quarter worth about $280,000. Finally, NewEdge Advisors LLC raised its holdings in PodcastOne by 168.2% during the 1st quarter. NewEdge Advisors LLC now owns 88,455 shares of the company’s stock worth $180,000 after buying an additional 55,473 shares during the period. 2.87% of the stock is owned by hedge funds and other institutional investors.

About PodcastOne

PodcastOne, Inc operates a podcast network and digital audio platform that produces, distributes, hosts and monetizes podcasts. Its services include podcast advertising, sponsorship sales, audience development, content production and technology support for podcast creators and publishers.

The company’s programming spans news, comedy, entertainment, sports, business, lifestyle and true crime. PodcastOne distributes its shows through its own platform and major third-party audio services, while also providing advertisers with opportunities to reach podcast audiences through host-read advertisements, sponsorships and other integrated campaigns.

PodcastOne was founded in 2012 by radio executive Norm Pattiz and became part of LiveOne, Inc before becoming a separately traded public company on the Nasdaq.