Insider Trading Reports Surround Pandora's Strong Quarterly Results
Insider Trading Reports Surround Pandora's Strong Quarterly Results
Internet radio company Pandora Media Inc. (NYSE:P) heard bells ringing on August 29 when it reported results that beat Wall Street expectations, driven by higher advertising revenues and a larger audience, Reuters reports.
This good news came amid a flurry of insider trading activity, however, which may raise a red flag to many investors.
Still, the company's results speak for themselves. The company's fiscal second-quarter revenue surged 51 percent to $101.3 million, topping analysts' expectations of a high of $100.94 million. Pandora CEO Joe Kennedy said the move into the mobile scene led to scores more listeners, which in turn helped ad revenue rise accordingly.
The alone radio station also improved its market share last quarter, with listening hours rising 80 percent compared with the same period last year, helping it compete with major rivals Clear Channel, Sirius XM Radio and Spotify.
According to The Wall Street Journal, the news sent Pandora's shares up more than 20 percent, which likely had impacted on the many investors who turned away from the stock in recent weeks.
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