Spotify Technology S.A. Expected to Earn Q3 2022 Earnings of ($0.74) Per Share (NYSE:SPOT)

Spotify Technology S.A. (NYSE:SPOT – Get Rating) – Stock analysts at KeyCorp dropped their Q3 2022 earnings per share estimates for shares of Spotify Technology in a research note issued on Wednesday, July 27th. KeyCorp analyst J. Patterson now forecasts that the company will post earnings of ($0.74) per share for the quarter, down from their previous estimate of ($0.51). KeyCorp has a “Maintains” rating on the stock. The consensus estimate for Spotify Technology’s current full-year earnings is ($0.78) per share. KeyCorp also issued estimates for Spotify Technology’s Q4 2022 earnings at ($0.91) EPS, FY2022 earnings at ($1.62) EPS and FY2023 earnings at ($1.12) EPS.

Spotify Technology (NYSE:SPOT – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.85) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.17). Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business posted ($0.23) earnings per share. The business’s revenue was up 22.9% on a year-over-year basis.

SPOT has been the subject of several other reports. Evercore ISI lowered their price objective on Spotify Technology from $235.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, July 7th. Truist Financial lowered their price objective on Spotify Technology from $210.00 to $150.00 in a research report on Thursday, April 28th. Redburn Partners raised Spotify Technology from a “sell” rating to a “neutral” rating in a research report on Monday, April 25th. Guggenheim lowered Spotify Technology from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 27th. Finally, The Goldman Sachs Group decreased their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating for the company in a research report on Thursday, June 9th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Hold” and a consensus price target of $183.65.

Spotify Technology Trading Down 1.4 %

SPOT stock opened at $113.02 on Monday. The stock has a 50-day moving average price of $105.68 and a 200-day moving average price of $130.83. Spotify Technology has a 1-year low of $89.03 and a 1-year high of $305.60. The firm has a market cap of $21.50 billion, a PE ratio of -159.18 and a beta of 1.79.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC lifted its stake in Spotify Technology by 26.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,358 shares of the company’s stock valued at $1,722,000 after purchasing an additional 1,558 shares during the last quarter. Carnegie Capital Asset Management LLC lifted its stake in Spotify Technology by 59.1% in the first quarter. Carnegie Capital Asset Management LLC now owns 1,803 shares of the company’s stock valued at $272,000 after purchasing an additional 670 shares during the last quarter. Ellevest Inc. lifted its stake in Spotify Technology by 41.1% in the first quarter. Ellevest Inc. now owns 1,617 shares of the company’s stock valued at $244,000 after purchasing an additional 471 shares during the last quarter. Canal Capital Management LLC lifted its stake in Spotify Technology by 46.4% in the first quarter. Canal Capital Management LLC now owns 15,800 shares of the company’s stock valued at $2,386,000 after purchasing an additional 5,006 shares during the last quarter. Finally, Eidelman Virant Capital lifted its stake in Spotify Technology by 4.0% in the fourth quarter. Eidelman Virant Capital now owns 21,776 shares of the company’s stock valued at $5,120,000 after purchasing an additional 835 shares during the last quarter. Hedge funds and other institutional investors own 56.36% of the company’s stock.

About Spotify Technology

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