NEW YORK (TheStreet) -- Pandora Media (P) shares are soaring, up 12.6% to $20.77 on Friday after the Internet streaming radio company's financial disclosure yesterday revealed that Chairman and CEO Brian McAndrews purchased 25,000 shares of the company six days after the stock reached a 52-week low of $17.55.
McAndrews purchased the shares on November 12 at an average price of $18.58 per share for a total purchase price of $464,500. McAndrew's purchase was the first major insider purchase of the company's stock since its debut in 2011, according to Barron's.
Pandora's gains are leading the tech sector higher today.
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TheStreet Ratings team rates PANDORA MEDIA INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PANDORA MEDIA INC (P) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: