BEVERLY HILLS—D. Jonathan Merriman, a director at PodcastOne, Inc. (NASDAQ:PODC), recently purchased 6,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were acquired on November 20 at a price of $1.61 per share, totaling approximately $9,660.
Following this transaction, Merriman holds a total of 169,079 shares indirectly, through the D. Jonathan and Odile Merriman Family Trust. The family trust, for which Merriman shares voting and dispositive power, owns these shares, although Merriman disclaims beneficial ownership except for his financial interest in them. Additionally, he holds 200,339 shares directly.
This transaction reflects Merriman's continued investment in PodcastOne, a company specializing in computer programming and data processing services.
In other recent news, PodcastOne, Inc. announced significant developments in its financial performance and board composition. The company anticipates a record revenue of $13 million in its preliminary Q1 results, a 21% increase from the same period last year. Looking ahead, PodcastOne projects revenues to reach between $50M and $55M for the fiscal year ending March 31, 2025, following a successful fiscal year concluding with $43.3M (NYSE:MMM) in revenue and $660K in adjusted EBITDA.
The company also reported the resignation of board member Craig Foster, who left to focus on other professional commitments. PodcastOne is actively seeking a qualified individual to fill the vacant committee roles. Meanwhile, at the Annual Meeting of Stockholders, all eight nominees were elected to PodcastOne's Board of Directors, and the appointment of Macias Gini & O'Connell, LLP as the company's independent registered public accounting firm for the upcoming fiscal year was ratified.
PodcastOne has also formed a significant business-to-business partnership with a Fortune 250 company, which is expected to contribute over $20M in annual revenues. In terms of audience reach, the company has risen to the 11th spot in Podtrac's rankings with an expansion to a 5.5 million unique monthly audience in the U.S. and 17.5 million global downloads and streams. These are the recent developments at PodcastOne.
InvestingPro Insights
The recent insider purchase by D. Jonathan Merriman aligns with several positive trends for PodcastOne (NASDAQ:PODC). According to InvestingPro data, the company has seen significant returns over short-term periods, with a 10.37% return in the past week and an impressive 54.46% return over the last month. This upward momentum might have influenced Merriman's decision to increase his stake.
Despite these gains, PodcastOne faces some financial challenges. An InvestingPro Tip reveals that the company is not profitable over the last twelve months, with a negative operating income of $6.63 million. However, another InvestingPro Tip suggests that analysts predict the company will be profitable this year, which could explain the director's confidence in purchasing additional shares.
The company's revenue growth is noteworthy, with a 23% increase in the last twelve months, reaching $47.46 million. This growth trajectory, combined with the potential for future profitability, may be factors in Merriman's investment decision.
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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