Apparently, adding more than half a billion dollars in cash from SiriusXM and a Ticketfly sale is not nearly enough to make Wall Street happy with Pandora. As of mid-afternoon Monday, Pandora stock was down another 5.5% to a 52 week low of $8.05, and analysts were seeing more trouble ahead.
Overall, the New York Stock Exchange was down just 0.12%.
“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.”