Spotify Technology (NYSE:SPOT) Sees Unusually-High Trading Volume Following Strong 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 changed 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 for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the firm posted ($1.24) earnings per share.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of analyst reports. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Barclays lifted their price objective on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Macquarie boosted their price target on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Technology Crossover Management XI Ltd. boosted its position in shares of Spotify Technology by 36.2% in the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after buying an additional 344,841 shares during the period. Nordea Investment Management AB lifted its stake in shares of Spotify Technology by 7.9% in 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 in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Spotify Technology by 410.2% in 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 in the last quarter. GSA Capital Partners LLP lifted its stake in shares of Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after acquiring an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its stake in shares of Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $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 Stock Down 7.2 %

The company has a 50 day moving average of $269.74 and a 200 day moving average of $217.24. The firm has a market cap of $55.80 billion, a price-to-earnings ratio of -95.05 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.