Spotify Technology (NYSE:SPOT – Get Rating) posted its quarterly earnings results on Wednesday. The company reported ($0.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.17), Briefing.com reports. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.82 billion. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) earnings per share.
Spotify Technology Price Performance
SPOT stock traded down $3.29 during trading on Thursday, hitting $113.32. 85,439 shares of the stock traded hands, compared to its average volume of 2,397,862. Spotify Technology has a 1 year low of $89.03 and a 1 year high of $305.60. The firm’s 50 day moving average is $105.39 and its two-hundred day moving average is $133.80. The stock has a market cap of $21.55 billion, a price-to-earnings ratio of -158.10 and a beta of 1.79.
Analyst Ratings Changes
A number of equities research analysts have commented on SPOT shares. Wells Fargo & Company upgraded shares of Spotify Technology from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $101.00 to $124.00 in a report on Wednesday, June 15th. Citigroup reduced their price objective on shares of Spotify Technology from $150.00 to $145.00 and set a “buy” rating for the company in a report on Thursday. Truist Financial reduced their price objective on shares of Spotify Technology from $210.00 to $150.00 in a report on Thursday, April 28th. Evercore ISI reduced their price objective on shares of Spotify Technology from $235.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, July 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Spotify Technology from $150.00 to $145.00 and set an “overweight” rating for the company in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $186.67.
Institutional Trading of Spotify Technology
Spotify Technology Company Profile
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.
- Get a free copy of the StockNews.com research report on Spotify Technology (SPOT)
- Ford Stock Rallies As EV Strategy Takes Center Stage
- Should High Yield Altria Be In Your Portfolio?
- Is Keurig-Dr. Pepper A Value Worth Buying?
- C3.AI Stock is a Bargain Enterprise Artificial Intelligence Game Changer
- Did The FOMC Put A Bottom In The S&P 500?
Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.