Eastbay Asset Management adds Pandora Media Inc (P) to its portfolio

Pandora Media Inc (P) : Eastbay Asset Management added new position in Pandora Media Inc during the most recent quarter end. The investment management firm now holds 1,173,838 shares of Pandora Media Inc which is valued at $15,494,662 , the company said in a statement filed on Aug 15, 2016 with the SEC.Pandora Media Inc makes up approximately 3.59% of Eastbay Asset Management’s portfolio.

Other Hedge Funds, Including , D. E. Shaw reduced its stake in P by selling 3,001,375 shares or 68.55% in the most recent quarter. The Hedge Fund company now holds 1,377,033 shares of P which is valued at $18,176,836. Pandora Media Inc makes up approx 0.04% of D. E. Shaw’s portfolio.Group One Trading reduced its stake in P by selling 149,787 shares or 36.42% in the most recent quarter. The Hedge Fund company now holds 261,503 shares of P which is valued at $3,451,840. Pandora Media Inc makes up approx 0.30% of Group One Trading’s portfolio. Oppenheimer Co Inc sold out all of its stake in P during the most recent quarter. The investment firm sold 20,607 shares of P which is valued $274,279.

Pandora Media Inc opened for trading at $13.98 and hit $14.41 on the upside on Thursday, eventually ending the session at $14.38, with a gain of 2.71% or 0.38 points. The heightened volatility saw the trading volume jump to 34,45,095 shares. Company has a market cap of $3,322 M.

On the company’s financial health, Pandora Media Inc reported $-0.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.30. The company had revenue of $297.31 million for the quarter, compared to analysts expectations of $285.23 million. The company’s revenue was up 28.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.12 EPS.

Many Wall Street Analysts have commented on Pandora Media Inc. Company shares were Reiterated by MKM Partners on Aug 4, 2016 to “Neutral”, Firm has raised the Price Target to $ 13 from a previous price target of $11.50 .Pandora Media Inc was Downgraded by Pacific Crest to ” Underweight” on Jul 22, 2016. Pandora Media Inc was Upgraded by Piper Jaffray to ” Overweight” on Jul 13, 2016.

Pandora Media Inc. is a United States-based provider of Internet radio in the United States. The Company offers a personalized experience for each of its listeners wherever and whenever they want to listen to radio on a range of smartphones tablets computers and car audio systems as well as a range of other Internet-connected devices. It allows local and national advertisers to deliver targeted messages to its listeners using a combination of audio display and video advertisements. Its free service is advertising-based and allows listeners access to its music and comedy catalogs and personalized playlist generating system for free across all of its delivery platforms. Pandora One is a paid subscription service without any advertising. Pandora One also offers listeners daily skips audio on supported devices and timeout-free listening. The Company’s technologies include Music Genome Project and Comedy Genome Project.

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