Pandora Stock Fueled by Possible Sale Rumors
Wall Street likes the idea of a possible sale of Pandora.
Rumors have been swirling for weeks amid changes at the top of the Internet audio company.
Pandora shares rose on Tuesday and are now up more than 30% in three weeks.
No specific suitor has been named, however the company has said it would be open to the right deal.
An insider at Pandora Media, Crosslink Capital Inc., bought shares of Pandora “P” common stock for $2.83M. In addition to Crosslink Capital Inc., 13 other P executives reported Buy trades in the last month. Crosslink Capital Inc. increased his holding by 3.9% to a total of $78,645,485.90.
Investor hedge fund Corvex Management wants Pandora to explore a sale, we recently reported. Pandora “P” common stock rose 37 cents Tuesday to close at $11.97 per share.