It will go to 30+ that's why all insiders sold their shares at $25!!
After all they know what Apple, Samsung and other big guys will do to their shares. Secondary offering rules out a buyout speculation (that started last year and has been priced in). Building a radio app is nothing and all big guys (Apple, Google, Amazon, Samsung) have enough customers in their ecosystem to draw from. There's absolutely no need to buy Pandora only for their users (which will soon go sharply down by Samsung entry) at a hefty price of 5Billion + a permium!!
If they want to buy it, they'll wait a few more months to buy it at couple of billion dollar price.
Haven't seen any other company recently with such heavy insider selling records. (which follows a secondary offering and right before apple entry!!!). You guys can dream about 30+ or even 50$ but please don't claim you have done your DD and know anything about long term investing.