PodcastOne is heading into its next earnings print on May 29 with shorts in full retreat, a CFO change on the books, and a stock that has nearly doubled in two months — a combination that raises the volume on an otherwise quiet micro-cap.
The story this week is driven by a cascade of corporate news. On April 28, the company put out upward guidance: FY26 revenue of at least $61 million and adjusted EBITDA of at least $6.3 million. Then, on May 1, CFO Ryan Carhart was replaced by Craig Christensen on an interim basis — effective the same day. The guidance beat was constructive; the abrupt CFO departure is a question mark that the street has not yet priced cleanly.
The short-selling community has voted with its feet. Short interest collapsed 31% in a single week, from around 98,000 shares short on April 27 to roughly 59,000 by April 30 — now just 0.22% of the free float. That is a negligible level by any standard. The broader retreat is even more striking: short interest has fallen 55% over the past month, unwinding a position that had been building through March. The ORTEX short score eased to 29.6, down from 32.5 a week ago — all of it pointing to bears stepping away rather than pressing. Availability is effectively unconstrained, with shares to borrow running at more than 4,500% of estimated short interest, meaning there is no squeeze pressure whatsoever.
The borrow cost tells a different side of the story. Despite shorts exiting, the cost to borrow nearly doubled in a week, jumping from around 2.7% to 5.2% — its highest level in the 30-day window. That kind of friction on a thinning short base is unusual. It may reflect repositioning activity around the CFO news rather than fresh short building, but it is worth monitoring heading into May 29.
The ownership structure adds important context. Parent company LiveOne holds 70% of shares, leaving a thin tradable float. That concentration amplifies any move in either direction. On the insider side, independent director Jon Merriman bought shares on three separate occasions in March and April — at prices ranging from $2.07 to $2.35 — for a combined outlay of around $42,000. The purchases are small in dollar terms but consistent in direction. The CFO, before departing, also bought 4,500 shares on April 17 at $2.24. Net insider activity over 90 days stands at roughly 24,000 shares bought, valued near $53,000 — modest, but uniformly on the buy side.
Analyst coverage is thin and the most recent target changes are from mid-2024, making them too dated to carry weight here. The three analysts on record carry a consensus buy with a mean target around $4.67 — versus a current price of $3.32 — implying roughly 40% upside on paper, though those figures deserve caution given the staleness. On valuation, the EV/EBITDA multiple has expanded about 12% over the past 30 days, reflecting the sharp price appreciation. The stock is up 63% over the past month.
The next event to watch is the May 29 earnings call, where the gap between the April guidance raise and the interim CFO situation will likely be the central focus for anyone paying attention to this name.
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