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

Spotify Technology S.A. (NYSE:SPOT) shares saw strong trading volume on Wednesday after the company announced better than expected quarterly earnings. 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, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the firm posted ($1.24) earnings per share.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Pivotal Research lifted their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a research report on Wednesday, February 7th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Bank of America boosted their target price on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $301.81.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its holdings in 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 acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology during the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the 4th quarter worth about $32,000. Lindbrook Capital LLC grew its holdings in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Spotify Technology during the 1st quarter worth about $40,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.8 %

The business’s fifty day simple moving average is $270.61 and its 200 day simple moving average is $217.74. The stock has a market cap of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63.

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.