Spotify Technology (NYSE:SPOT) Sees Large Volume Increase Following Better-Than-Expected Earnings

Spotify Technology S.A. (NYSE:SPOT) saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 2,455,653 shares traded hands during trading, an increase of 17% from the previous session’s volume of 2,105,080 shares.The stock last traded at $294.13 and had previously closed at $303.31.

The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. During the same period in the previous year, the business earned ($1.24) earnings per share.

Analyst Ratings Changes

Several analysts have issued reports on SPOT shares. KeyCorp boosted their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Pivotal Research boosted their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday. Benchmark upped their target price on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Finally, Guggenheim upped their target price on Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new position in Spotify Technology during the 1st quarter valued at approximately $40,000. Pinnacle Bancorp Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the 4th quarter worth $32,000. First Horizon Advisors Inc. raised its holdings in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Finally, Spire Wealth Management raised its holdings in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after acquiring an additional 95 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.8 %

The firm has a market capitalization of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63. The stock has a fifty day simple moving average of $270.61 and a 200 day simple moving average of $217.74.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.