PodcastOne, Inc. (NASDAQ:PODC) Director D. Jonathan Merriman has recently increased his stake in the company, as disclosed in a new SEC filing. Merriman, who also serves as a trustee of the D. Jonathan and Odile Merriman Family Trust, purchased shares of PodcastOne's common stock on two separate days.
On June 20, 2024, Merriman bought 7,700 shares at an average price of $1.65 per share. The following day, he continued to expand his holdings by acquiring an additional 2,000 shares, with 409 shares at $1.55 and 1,591 shares at $1.65 each. These transactions were part of multiple purchases made at prices ranging from $1.63 to $1.67. The total value of the shares acquired across these dates amounts to approximately $15,964.
Following these transactions, Merriman's direct ownership in PodcastOne has increased to a total of 98,539 shares. Additionally, he has an indirect ownership interest through the family trust which holds 163,079 shares. Merriman has shared voting and dispositive power over the trust's shares but disclaims beneficial ownership except for his pecuniary interest.
Investors often monitor insider buying as it can signal confidence in the company's future prospects. The recent purchases by Merriman could be interpreted as a positive sign for PodcastOne's outlook. This news could potentially influence the investment decisions of PodcastOne's current and prospective shareholders.
In other recent news, PodcastOne, a leading podcast platform, has had significant developments. The company reported strong growth, with revenue expected to reach between $50M and $55M for the fiscal year ending March 31, 2025, following a successful fiscal year that concluded on March 31, 2024, during which the company reported $43.3M in revenue. In addition, PodcastOne added industry veterans Jon Merriman and Carolyn Blackwood to its Board of Directors. Merriman, a finance veteran, is expected to contribute to the company's strategic initiatives, while Blackwood, former COO of Warner Bros. Pictures, is anticipated to expand PodcastOne's original programming.
These recent developments reflect the company's intensified efforts to scale business operations and enhance visibility within the financial and investment communities. PodcastOne also emphasized its focus on acquiring successful podcasts, developing new content, maximizing operational efficiencies, and exploring additional revenue streams. The company also highlighted its successful business-to-business partnership with a Fortune 250 company, which is expected to contribute over $20M in annual revenues.
These facts are based on press release statements and include forward-looking statements subject to risks and uncertainties. Investors are advised to consider these factors and consult with independent sources for verification.
InvestingPro Insights
PodcastOne, Inc. (NASDAQ:PODC) has shown a series of financial metrics and market activities that provide a deeper insight into the company's current status. According to real-time data from InvestingPro, the company holds a market capitalization of $39.19 million and a negative P/E ratio of -2.93, indicating that it has not been profitable in the last twelve months as of Q4 2024. However, the company's revenue has grown by nearly 25% over the same period, suggesting potential for future profitability.
InvestingPro Tips highlight that PodcastOne maintains a strong liquidity position, with cash reserves exceeding debt, and liquid assets surpassing short-term obligations. This is particularly relevant for investors considering the recent insider buying activity, as it suggests the company has a solid financial foundation despite not being profitable over the last year. Moreover, analysts predict that the company will be profitable this year, which could further justify the confidence indicated by the insider purchases.
The stock price has experienced a significant decline over the past year, with a 62.19% drop, but this could present a buying opportunity if the company's prospects are turning around as suggested by the insider transactions. With a current price significantly below the fair value of $5.25 USD as estimated by analysts, and an InvestingPro fair value of $1.86 USD, investors may find the current valuation attractive.
For those interested in further insights, there are additional InvestingPro Tips available for PodcastOne, which can be accessed with a subscription. Take advantage of an exclusive offer by using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Discover more about the company's financial health and future prospects by visiting https://www.investing.com/pro/PODC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.