Encouraging Numbers Is Positive For Pandora Media Inc. (NYSE:P)
Pandora Media Inc. (NYSE:P)’s stock is now trading just 8% below its 52 week high, after gaining more than 4% during yesterday’s trade. The stock has delivered over 220% gains year to date and this is almost ten times the returns delivered by broader S&P 500 (INDEXSP:.INX) indices in the same period.
The Growth Drivers
Pandora Media Inc. (NYSE:P) yesterday announced the November 2013 audience metrics and reported 8.44% share of total U.S. radio listening compared to 7.17% during the same period of last year. These figures are also important because everybody was expecting a threat for Pandora’s radio services after Apple Inc. (NASDAQ:AAPL) launched the iTunes Radio in mid of September.
While Apple Inc. enjoys the advantage of its iPhone platform world over for broadcasting its services, Pandora Media Inc. (NYSE:P) has steadily increased its share of U.S. radio listeners from 7.77% in September to 8.06% in October and now 8.44% in the recent metrics.
Listener hours for Pandora during November were 1.49 billion which also increased compared to 1.36 billion in September and 1.47 billion in October and just about 1.27 billion during the same period last year.
Pandora Media Inc. (NYSE:P) also reported about 16% year over year increase in its active listeners from 62.4 million during November 2012 to 72.4 million during November 2013. Talking about post- iTunes Radio era, active listeners were 72.7 million in September and fell to 70.9 million in October, but with recent metrics the bounce back is quite evident.
Let’s Profit from Pandora
Over 200% year to date returns are enough to lure any investors to book profit, at least in part, and even company insiders are at no exception. Pandora Media Inc. (NYSE:P)’s Executive Vice President Thomas Conrad sold about 55,000 shares of the company’s common stock in a transaction dated December 2, 2013. The shares were sold at an average price of $28.30 for a total transaction value of $1.55 million. Following the transaction, the EVP now hold 529,190 shares in the company.