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

PodcastOne, Inc. (NASDAQ:PODC) saw a large growth in short interest in October. As of October 15th, there was short interest totaling 234,046 shares, a growth of 98.7% from the September 30th total of 117,794 shares. Based on an average daily trading volume, of 63,542 shares, the days-to-cover ratio is currently 3.7 days. Approximately 0.8% of the shares of the company are short sold.

PodcastOne Trading Up 2.1%

PODC stock traded up $0.05 during mid-day trading on Monday, reaching $2.44. The company’s stock had a trading volume of 20,537 shares, compared to its average volume of 134,643. PodcastOne has a fifty-two week low of $1.41 and a fifty-two week high of $5.20. The stock has a market cap of $73.82 million, a PE ratio of -20.34 and a beta of 2.18. The company’s 50 day moving average is $2.28 and its two-hundred day moving average is $2.98.

PodcastOne (NASDAQ:PODC) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $16.12 million during the quarter, compared to analysts’ expectations of $17.76 million. PodcastOne had a negative net margin of 5.01% and a negative return on equity of 17.56%. On average, analysts forecast that PodcastOne will post -0.12 earnings per share for the current fiscal year.

Insider Transactions at PodcastOne

In related news, Director D Merriman bought 15,700 shares of the business’s stock in a transaction on Friday, August 21st. The stock was acquired at an average price of $2.75 per share, with a total value of $43,175.00. Following the transaction, the director owned 353,732 shares in the company, valued at approximately $972,763. This trade represents a 4.64% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders have purchased a total of 81,100 shares of company stock valued at $212,293 in the last 90 days. Company insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On PodcastOne

Several hedge funds and other institutional investors have recently made changes to their positions in PODC. Dimensional Fund Advisors LP purchased a new position in PodcastOne in the first quarter valued at approximately $30,000. 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 acquired a new position in PodcastOne during the second quarter worth approximately $32,000. Permanens Capital L.P. purchased a new stake in PodcastOne in the second quarter valued at approximately $45,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of PodcastOne by 168.2% in the first quarter. NewEdge Advisors LLC now owns 88,455 shares of the company’s stock valued at $180,000 after acquiring an additional 55,473 shares during the period. Hedge funds and other institutional investors own 2.87% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PODC. Wall Street Zen cut shares of PodcastOne from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of PodcastOne in a report on Monday, September 21st. Finally, Zacks Research raised PodcastOne from a “strong sell” rating to a “hold” rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

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.