Robert S. Ellin, the Executive Chairman of PodcastOne, Inc. (NASDAQ:PODC), recently acquired 5,000 shares of the company's common stock. The transaction took place on November 18, 2024, at a price of $1.83 per share, resulting in a total purchase value of $9,150. Following this acquisition, Ellin directly holds 150,930 shares in the company.
In addition to his direct holdings, Ellin has indirect ownership interests through various entities. These include shares owned by Trinad Capital Master Fund Ltd., Trinad Capital Management, LLC, and JJAT Corp., over which he has voting and dispositive power. These entities collectively hold a significant number of shares, as detailed in the footnotes of the filing. However, Ellin disclaims beneficial ownership of these securities except for his pecuniary interests.
In other recent news, PodcastOne, a digital audio content company, anticipates a record Q1 revenue of $13 million, marking a 21% increase from the same period last year. The company also projects robust financial performance, expecting revenues to reach between $50M and $55M for the fiscal year ending March 31, 2025. This follows a successful fiscal year that concluded with the company reporting $43.3M in revenue and $660K in adjusted EBITDA. In addition, PodcastOne has formed a significant business-to-business partnership with a Fortune 250 company, predicted to contribute over $20M in annual revenues.
In other corporate developments, Craig Foster, a board member of PodcastOne, resigned from his position to attend to other professional commitments. The company clarified that Foster's resignation did not stem from any disagreements over operations, policies, or practices. PodcastOne is actively searching for a qualified individual to join the board and fill the committee assignments.
At its Annual Meeting of Stockholders, PodcastOne shareholders elected all eight nominees to the company's Board of Directors and ratified the appointment of Macias Gini & O'Connell, LLP as the company's independent registered public accounting firm for the upcoming fiscal year. These are the recent developments at PodcastOne.
InvestingPro Insights
Robert S. Ellin's recent acquisition of PodcastOne, Inc. (NASDAQ:PODC) shares aligns with several interesting financial metrics and trends highlighted by InvestingPro. The company's market capitalization stands at $41.68 million, reflecting its current position in the podcasting industry.
According to InvestingPro Tips, PodcastOne holds more cash than debt on its balance sheet, which could be seen as a positive sign of financial stability. This might have influenced Ellin's decision to increase his stake in the company. Additionally, PODC has shown strong returns over the last month and three months, with price total returns of 22.34% and 18.44% respectively. These recent positive trends could indicate growing investor confidence in the company's prospects.
However, it's worth noting that PodcastOne is not currently profitable, with a negative P/E ratio of -5.84. The company's revenue for the last twelve months as of Q2 2023 was $47.46 million, with a revenue growth of 23.0%. Despite this growth, PodcastOne suffers from weak gross profit margins, which stood at 9.61% for the same period.
Interestingly, analysts predict that the company will be profitable this year, which could be another factor behind Ellin's decision to increase his holdings. This optimism is reflected in the fair value based on analyst targets, which is set at $5.00, significantly higher than the current trading price.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and data points that could provide a fuller picture of PodcastOne's financial health and future prospects.
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