LOS ANGELES (AP) — Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help trim its songwriter royalty costs.
On the heels of the ruling, the company is also hoping to raise more money from investors in a stock sale. On Thursday it increased the number of shares it is offering to the public and raised the offer price to $25 from $23.99. That could net it as much as $379 million, $100 million more than a plan it unveiled three days ago.
The stock is up 5 percent at $26.98 in midday trading. It peaked earlier Thursday at $27.21 and has nearly tripled this year. Investors are happy with the Oakland, Calif., company's mobile advertising revenue growth and the appointment of its new CEO, Brian McAndrews.