PodcastOne, Inc. (NASDAQ:PODC) announced that its 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 transaction value of $12,312. Following this acquisition, Merriman holds a total of 277,152 shares, valued at approximately $598,648.32. This transaction represents a 2.10% increase in his ownership position.
The acquisition was reported in a filing with the U.S. Securities and Exchange Commission (SEC), which provides transparency regarding insider trades.
Recent Stock Performance
Following the news of the insider purchase, PodcastOne’s stock experienced an uptick. On the subsequent trading day, shares rose by 3.7% to reach $2.24. During this session, 14,540 shares changed hands, which is notably lower than the average trading volume of 52,772. The stock has shown fluctuations over the past year, with a 12-month low of $1.28 and a high of $2.94. Current data indicates a market capitalization of $60.28 million, a price-to-earnings (P/E) ratio of -11.20, and a beta of -0.11.
Institutional Investment Trends
The latest trading activities also highlight significant movement among institutional investors. In the first quarter, XTX Topco Ltd acquired a new stake in PodcastOne worth approximately $26,000. Another investor, Pingora Partners LLC, increased its holdings by 122.3%, now owning 16,724 shares valued at $27,000 after purchasing an additional 9,200 shares in the previous quarter.
Furthermore, Thompson Davis & CO. Inc. bought a new stake worth about $38,000 during the second quarter. Creative Planning also entered a new position valued at approximately $49,000. Notably, Citadel Advisors LLC increased its holdings by an impressive 267.5% in the third quarter, now owning 41,958 shares worth $70,000. Collectively, institutional investors hold about 2.87% of PodcastOne’s stock.
Analyst Ratings and Market Outlook
PodcastOne has recently been under the scrutiny of market analysts. On December 2, Weiss Ratings reaffirmed a “sell (d-)” rating for the company. In contrast, Zacks Research upgraded its rating from “strong sell” to “hold” on November 14. Currently, one equities research analyst rates the stock as a Hold, while another has assigned a Sell rating. According to data from MarketBeat, PodcastOne has a consensus rating of “Reduce.”
PodcastOne operates as a podcast platform and publisher, distributing content through various platforms, including its website, Apple Podcasts, Spotify, and Amazon Music. Additionally, the company produces vodcasts, branded podcasts, merchandise, and live events. It is also known for LaunchPadOne, a self-publishing podcast platform that enables creators to distribute their content effectively.
As the market continues to evolve, the interest from both insiders and institutional investors suggests a complex landscape for PodcastOne, with ongoing developments likely to be closely monitored by stakeholders.
