NEW YORK (TheStreet) -- Shares of Pandora Media (P) are soaring, up 8.41% to $16.62 on very heavy volume in early afternoon trading Friday, as speculation about the Internet radio company's buyout continues to mount.

Henry Schwartz, president of Trade Alert and a member of TheStreet's Options Profits Team says Pandora has been a name that sees "frequent buyout speculation."

"Apple (AAPL) and Yahoo! (YHOO) have been mentioned in the past, but it seems as if a fresh round of takeout chatter has emerged again this week. Bullish options flow in the March 15 calls and April 7 Weekly 17 calls was detected in Pandora, trading 4.3X its average daily trading volume," Schwartz added.

"We do not comment on rumors / speculation," said a Pandora spokesperson via an email to TheStreet.

Last week, Pandora revealed plans at its investor day to introduce a one-day pass for 99 cents that would allow music fans to access music without any advertisements.

About 14.37 million shares of Pandora have exchanged hands as of 1:17 p.m. ET today, almost double compared to its average trading volume of about 7.4 million shares a day.

Oakland, CA-based Pandora provides Internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as a range of other Internet-connected devices.  

Pandora provides service through two models including a free service and Pandora One, generating revenue from advertising. The company's playlist generates algorithms that predict listener music preferences.

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