Pandora Media Inc. (NYSE: P) had its price target raised by equities researchers at Canaccord Genuity from $14.00 to $18.00.Canaccord Genuity currently has a rating of Buy on the shares. A number of other analysts have commented on the company in recent days, and the company has earned a consensus one-year price target of $15.16, higher than the opening price of $14.08, a difference of 11.39 percent. Pandora Media Inc. stock has a 52-week high of $22.60.
Stocks closed mostly in negative territory Wednesday in the wake of slumping crude-oil prices, erasing earlier gains for the major indices, while the tech-heavy Nasdaq bucked the losing trend.
The Dow Jones Industrial Average DJIA, -0.18% slid 31.98 points, or 0.2%, to close at 18,034.77
The S&P 500 index SPX, -0.06% fell 1.25 points to end at 2,125.77, weighed by a 1.2% drop in the energy sector.
The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Pandora Media Inc. (NYSE: P) opened at $14.08 yesterday and traded in a range between, $13.12 and $14.14, and last traded at $13.31, which represents a change of $ -0.79 over the previous closing price.
Pandora Media Inc. (NYSE: P) currently has a market cap of 3.08B
The stocks average daily volume is 6,362,600 shares out of a total float 192,210,000 and some 10,393,276 shares crossed the trading desk yesterday, 89 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
While increased trading for short periods will not mean much will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Pandora Media Inc. (NYSE: P) now has a 50-day MA is $13.73 and 200-day MA is $11.49, and it has traded in a 52-week range between $7.10 – 22.60 and today’s last price is -41.11 percent off the 52 week high of $22.60.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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