Shares of internet radio company Pandora Media Inc. were down more than 2% on Monday, extending their previous session's losses. Pandora stock closed at an all-time low on Friday and were on track to close at a new low on Monday. The company recently secured a $480 million investment from Liberty Media Corp.-owned satellite radio company Sirius XM Holdings Inc. . Despite the investment, announced on Tuesday of last week, Pandora shares have fallen everyday since. Pandora has faced tough competition from the likes of Spotify and Apple Inc.'s Apple Music, and some analysts believe it might be too late for Pandora to compete in the crowded subscription music space. Pandora shares have fallen more than 47% in the year to date and are down nearly 41% over the prior 12-month period, while the S&P 500 index is up more than 9% in the year and more than 18% in the last 12 months.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below