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

Shares of Spotify Technology S.A. (NYSE:SPOT) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 2,455,653 shares traded hands during mid-day 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, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same period in the prior year, the firm earned ($1.24) EPS.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Macquarie increased their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday. Bank of America increased their price target on shares of Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, UBS Group increased their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $281.62.

Institutional Trading of Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new position in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology during the fourth quarter worth about $32,000. Lindbrook Capital LLC increased its position in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Spotify Technology during the first quarter worth about $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

The firm has a market capitalization of $57.36 billion, a P/E ratio of -98.72 and a beta of 1.63. The business’s 50-day moving average is $269.00 and its 200 day moving average is $216.78.

Spotify Technology Company Profile

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.