Pandora Stock Tanked Monday Despite $680 Million Cash Infusion, Cleaner Balance Sheet
[UPDATE 2] A $480 million investment in Pandora by SiriusXM along with a $200 million sale of Ticketfly were not enough for Wall Street to regain confidence in the music streamer. Pandora stock closed down 7.63% Monday at a one year low of $7.87, and analysts were predicting more trouble ahead.
It was the lowest price for Pandora stock since December of 2012. Overall, the New York Stock Exchange ticked up slightly for the day.
“Pandora Media Inc (NYSE:P) has hit extreme technical weakness,” according to one analyst. “The company has broken down to a one bull (out of 5) momentum rating – that is extreme weakness… the stock price is moving sharply lower… and the bears are leading the charge until the stock can find a bid.”