Richard Greenfield at BTIG Research has been actively analyzing Pandora Media from its pre-IPO stage, but he’s not exactly well-liked by management, since he has been negative on the stock from the get-go. In fact, he thinks the stock is so over-priced that he lowered his target price to $3.75 in September and maintained the “sell” rating he’s had on Pandora since day one. Now he’s complaining that Pandora management won’t even let him ask questions on the company’s quarterly conference calls.
Pandora reported fiscal Q3 results last week that touted record revenues. However, the company also reported a drop in profits from a year ago.
For the second straight quarter, according to Greenfield, he was denied the opportunity to ask a single question – although there was plenty of time for some other analysts to ask follow-up questions.
On the BTIG website Greenfield has posted six questions he was prepared to ask, if only he had been called on during the conference call. To summarize, he wanted to know: 1) Why are registered user numbers flattening out?; 2) Why has the growth rate in Active Users decelerated?; 3) Why is Pandora’s Music Genome Project better than the competing Echonest technology?; 4) Is management satisfied with Pandora’s social media visibility?; 5) Why did the share of mobile listening stop increasing?; and 6) What percentage of mobile listening is occurring in automobiles?