Short Interest Peaks on Pandora Stock Ahead of Earnings

Ahead of the company's first-quarter earnings release on Monday, short interest is at record highs on Pandora stock

May 5, 2017 at 11:23 AM
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Streaming music concern Pandora Media Inc (NYSE:P) will report its first-quarter earnings after the close on Monday, May 8. Pandora stock has moved higher in the session after earnings in three of the past four quarters, including a 5.2% rise following its first-quarter release last year. This time around, though, options traders are anticipating a much bigger swing of 13.7% for P stock, in either direction.

The real story with this stock, however, is the rising short-interest levels. Short interest has steadily risen throughout 2017, and now almost 70 million Pandora shares are sold short -- a record high. This represents nine times the stock's average daily trading level, pointing toward an ample amount of sideline cash that could potentially come in and help P stock gain on the charts. 

Elsewhere on the sentiment front, analysts have kept the faith, despite the stock's volatile year on the charts. Twelve of the 22 analysts covering Pandora stock rate it a "strong buy," and the shares sport an average 12-month price target of $14.71. This represents territory unseen since last October for the equity. 

Looking closer, Pandora Media Inc (NYSE:P) stock -- a recent target of buyout speculation -- has struggled recently. The shares have shed 27.6% year-to-date to trade at $10.74, and their 20-day moving average has stifled breakout attempts in recent weeks. If bulls are looking for a glimmer of hope, they may be encouraged by recent support in the $10.20-$10.50 range, an area Pandora stock rallied from back in November. 

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