PodcastOne, Inc. (NASDAQ:PODC) Sees Significant Drop in Short Interest

PodcastOne, Inc. (NASDAQ:PODC) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totaling 92,200 shares, a drop of 43.8% from the August 31st total of 164,100 shares. Based on an average trading volume of 86,600 shares, the days-to-cover ratio is currently 1.1 days. Approximately 2.6% of the company’s shares are short sold. Approximately 2.6% of the company’s shares are short sold. Based on an average trading volume of 86,600 shares, the days-to-cover ratio is currently 1.1 days.

PodcastOne Price Performance

Shares of PodcastOne stock opened at $1.64 on Friday. The business has a 50-day moving average of $1.65 and a 200 day moving average of $1.84. PodcastOne has a 12 month low of $1.10 and a 12 month high of $2.94. The stock has a market capitalization of $43.31 million, a price-to-earnings ratio of -7.13 and a beta of -0.09.

PodcastOne (NASDAQ:PODC) last announced its earnings results on Wednesday, August 13th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. PodcastOne had a negative return on equity of 38.84% and a negative net margin of 10.86%.The company had revenue of $14.99 million during the quarter, compared to analysts’ expectations of $14.90 million. Equities research analysts anticipate that PodcastOne will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On PodcastOne

A number of hedge funds and other institutional investors have recently bought and sold shares of PODC. XTX Topco Ltd purchased a new position in PodcastOne during the 1st quarter valued at about $26,000. Pingora Partners LLC boosted its stake in shares of PodcastOne by 122.3% in the 1st quarter. Pingora Partners LLC now owns 16,724 shares of the company’s stock valued at $27,000 after buying an additional 9,200 shares during the period. Thompson Davis & CO. Inc. purchased a new position in shares of PodcastOne in the 2nd quarter valued at about $38,000. Creative Planning purchased a new position in shares of PodcastOne in the 2nd quarter valued at about $49,000. Finally, Citadel Advisors LLC purchased a new position in shares of PodcastOne in the 4th quarter valued at about $52,000. 2.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PodcastOne in a research note on Saturday, September 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

PodcastOne Company Profile

PodcastOne, Inc operates as a podcast platform and publisher. The company offers its content to audiences through podcasting distribution platforms, including its website, Apple Podcasts, Spotify, Amazon Music, and others. It also produces vodcasts, branded podcasts, merchandise, and live events. In addition, the company builds, owns, and operates LaunchPadOne, a self-publishing podcast platform.