Spotify (NYSE:SPOT) rose 6.2% on Tuesday . The stock traded as high as $268.25 and last traded at $266.95. Approximately 1,590,884 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 1,988,856 shares. The stock had previously closed at $251.44.
SPOT has been the subject of several analyst reports. Citigroup initiated coverage on Spotify in a report on Monday, June 29th. They issued a “neutral” rating and a $270.00 price objective for the company. Bank of America lifted their price target on Spotify from $185.00 to $357.00 in a research note on Tuesday, July 14th. Guggenheim upgraded Spotify from a “sell” rating to a “neutral” rating and set a $250.00 price target on the stock in a research note on Monday, September 28th. They noted that the move was a valuation call. ValuEngine upgraded Spotify from a “hold” rating to a “buy” rating in a research note on Thursday, August 6th. Finally, UBS Group lowered Spotify from a “buy” rating to a “sell” rating and lifted their price target for the company from $189.00 to $204.00 in a research note on Tuesday, July 14th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. Spotify currently has a consensus rating of “Hold” and an average target price of $239.37.
The stock has a market capitalization of $46.18 billion, a price-to-earnings ratio of -81.27 and a beta of 1.57. The company has a fifty day simple moving average of $249.67 and a 200 day simple moving average of $215.03. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.82 and a current ratio of 0.82.
Spotify (NYSE:SPOT) last announced its earnings results on Wednesday, July 29th. The company reported ($1.91) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.49) by ($1.42). The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.93 billion. Spotify had a negative return on equity of 15.49% and a negative net margin of 4.28%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.42) earnings per share. As a group, equities analysts predict that Spotify will post -3.84 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Trust N.A. lifted its holdings in Spotify by 4.7% during the 3rd quarter. Raymond James Trust N.A. now owns 2,002 shares of the company’s stock worth $486,000 after buying an additional 89 shares during the period. Nachman Norwood & Parrott Inc acquired a new position in Spotify during the 3rd quarter worth about $39,000. Avantax Advisory Services Inc. acquired a new position in Spotify during the 3rd quarter worth about $243,000. Tributary Capital Management LLC acquired a new position in Spotify during the 3rd quarter worth about $2,474,000. Finally, Royal Fund Management LLC lifted its holdings in Spotify by 4.3% during the 3rd quarter. Royal Fund Management LLC now owns 3,658 shares of the company’s stock worth $887,000 after buying an additional 152 shares during the period. 56.79% of the stock is currently owned by hedge funds and other institutional investors.
Spotify Company Profile (NYSE:SPOT)
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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