Pandora has almost tripled in 2013. The stock is another example of the many left-for-dead social media stocks that have made a furious comeback in 2013. The stock continues to exhibit impressive strength. The company announced a secondary offering last night, and the stock was trading lower in the after-hours as well as this morning. But the stock is now around 4% higher from yesterday’s close, a sign of very strong demand for the secondary.
How does the chart look? Since the IPO:
The red line is the all-time high from the day of its IPO, when it touched $26. So almost every buyer of Pandora is currently in-the-money. The 50 day ma is steeply upward sloping after this strong run.
The stock had a big gap higher last week after the announcement of Brian McAndrews as CEO, President, and Chairman. That gap comes in around the $21.50 area, which is a crucial area for the stock going forward.
Perhaps most surprisingly, short interest in P is still over 20% of the float, an incredible statistic given the near-tripling in the stock in 2013:
That such high short interest persists could offer enough fodder for the stock to make another stair-step higher to a new all-time high over $26 in the coming weeks. Regardless, the bulls are clearly in control above $21.50.