Robert S. Ellin, the Executive Chairman of PodcastOne, Inc. (NASDAQ:PODC), recently made two purchases of the company's common stock, according to a regulatory filing. On November 20 and November 22, Ellin acquired a total of 10,000 shares, with the purchase prices ranging from $1.88 to $1.92 per share. The total value of these transactions amounted to $19,000.
Following these acquisitions, Ellin's direct ownership of PodcastOne's stock increased to 165,930 shares. Additionally, he holds an indirect interest in 864,851 shares through various entities, as detailed in the filing's footnotes. These entities include Trinad Capital Master Fund Ltd., Trinad Capital Management, LLC, and JJAT Corp., where Ellin is deemed to have voting and dispositive power over the shares.
In other recent news, PodcastOne announced a record preliminary Q1 revenue of $13 million, a 21% increase from the same period last year. The company also projects a strong financial performance with anticipated revenues of between $50M and $55M for the fiscal year ending March 31, 2025. This projection follows a successful fiscal year that saw the company report $43.3M (NYSE:MMM) in revenue and $660K in adjusted EBITDA.
In addition, PodcastOne formed a significant business-to-business partnership with a Fortune 250 company, which is expected to contribute over $20M in annual revenues. In recent developments, the company also saw a rise to the 11th spot in Podtrac's rankings and an expansion to a 5.5 million unique monthly audience in the U.S. and 17.5 million global downloads and streams.
The company also announced the departure of board member Craig Foster, who resigned to attend to other professional commitments. Following Foster's departure, PodcastOne is actively seeking a qualified individual to join the board and fill the committee assignments.
In their Annual Meeting of Stockholders, shareholders elected all eight nominees to PodcastOne'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 latest developments in PodcastOne's ongoing evolution in the digital audio entertainment industry.
InvestingPro Insights
Robert S. Ellin's recent purchases of PodcastOne, Inc. (NASDAQ:PODC) stock align with several positive trends highlighted by InvestingPro data. The company has shown strong recent performance, with InvestingPro Tips noting significant returns over the last week, month, and three months. Specifically, PODC has seen a 7.19% return in the past week, a 50% return over the last month, and a 37.78% return over the past three months.
These short-term gains are particularly noteworthy given the company's current financial position. While PodcastOne is not profitable over the last twelve months, with an operating income margin of -13.96%, InvestingPro Tips indicate that analysts predict the company will be profitable this year. This optimism is reflected in the stock's recent price movements and could explain Ellin's decision to increase his stake.
It's worth noting that PodcastOne holds more cash than debt on its balance sheet, which can be seen as a positive sign for the company's financial stability. However, the company does face challenges, including weak gross profit margins, which stood at 9.61% for the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for PodcastOne, providing deeper insights into the company's financial health and market position.
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