Pandora shares are going nuts

Shares of Pandora spiked more than 10% in early trading on Monday.

Early in the session, the stock was halted at least twice due to a circuit breaker, amid the rapid rise in shares.

The stock is up 22% year-to-date, and is down 18% over the past 12 months.

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Pandora is the subject of a hearing by the Copyright Royalty Board, which sets rates that performers receive when digital music services play their music.

Bloomberg reported, citing a Susquehanna note, that the register of the Copyright Office will let the CRB benchmark its decision against existing agreements that Pandora has with music rights agency Merlin and record label Naxos.

According to Bloomberg, the analyst expects Pandora's stock to outperform into the CRB's decision, which is expected in December.

Here's a chart of the spike:

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