Spotify Technology (NYSE:SPOT) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Spotify Technology S.A. (NYSE:SPOT) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 2,455,653 shares changed 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same quarter in the previous year, the business earned ($1.24) earnings per share.

Analysts Set New Price Targets

A number of brokerages recently commented on SPOT. Bank of America boosted their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Raymond James upped their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Pivotal Research upped their price target on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley upped their price target on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, The Goldman Sachs Group lifted their price target on Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $281.62.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Technology Crossover Management XI Ltd. increased its position in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after acquiring an additional 344,841 shares during the period. Nordea Investment Management AB increased its position in shares of Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after acquiring an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after acquiring an additional 78,609 shares during the period. GSA Capital Partners LLP boosted its stake in Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. boosted its stake in Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after acquiring an additional 72,000 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

The company has a market cap of $57.36 billion, a price-to-earnings ratio of -98.72 and a beta of 1.63. The firm’s 50 day simple moving average is $269.00 and its 200-day simple moving average is $216.78.

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.