Pandora Media Inc (NYSE:P) stock plunged over 4 percent in pre-market trading session on Tuesday morning after Wedbush Securities lowered stock rating to neutral.
The financial company mentioned valuation as its chief concern; Shares of Pandora have hiked over 60% during the previous 2 months.
Michael Pachter analyst wrote in a note to clients that they do not observed significant room for price appreciation because of a lack of near-term profitability and continuing uncertainty regarding rivalry.
However he lifted his price target from $10 to $11.50 and mentioned high forecasts for fiscal fourth quarter.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Google Inc (NASDAQ:GOOG) rose +0.39% to settle at $753.68, Netflix, Inc. (NASDAQ:NFLX) moved up +4.32% to end at $169.12 while Sirius XM Radio Inc (NASDAQ:SIRI) dropped -0.63% to finish at $3.13 on Tuesday.
Pandora Media Inc (NYSE:P) last session’s volume of 5.11 million shares was surprisingly higher than its average volume of 4.62 million shares. The stock after opening at $10.96 hit high price of $11.39 and then closed at $11.36 by scoring -1.98%.
The liquidity measure in recent quarter results of the company was recorded 1.97 as current ratio. The Company had total cash of $80.50 million at hand and a book value per share as $0.62 in the most recent quarter.
The stock’s price volatility was 4.02% for a week and 4.88% for a month as well as price volatility’s Average True Range for 14 days was 0.49.
Pandora Media Inc generated revenue of $383.38 million in the previous twelve months and earned -$31.77 million. The Company showed a negative -8.29% in the net profit margin as well as in its operating margin which remained at -8.18%. Company’s annual sales growth for the past five years was 130.95%.
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