Redburn Atlantic Reiterates Sell Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOTGet Free Report)‘s stock had its “sell” rating reaffirmed by analysts at Redburn Atlantic in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $230.00 target price on the stock. Redburn Atlantic’s target price indicates a potential downside of 26.18% from the stock’s current price.

SPOT has been the subject of several other research reports. UBS Group lifted their price target on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 5th. Morgan Stanley lifted their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Loop Capital boosted their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Citigroup boosted their price target on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group boosted their price target on Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $317.08.

Get Our Latest Stock Report on Spotify Technology

Spotify Technology Trading Down 0.7 %

Spotify Technology stock opened at $311.55 on Wednesday. The stock has a market cap of $59.26 billion, a PE ratio of -464.99, a P/E/G ratio of 0.83 and a beta of 1.59. The stock has a 50-day moving average price of $307.81 and a 200 day moving average price of $267.36. Spotify Technology has a 52 week low of $129.23 and a 52 week high of $331.08.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter in the previous year, the business earned ($1.24) EPS. On average, equities analysts predict that Spotify Technology will post 4.96 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Park Avenue Securities LLC boosted its position in Spotify Technology by 104.3% during the 2nd quarter. Park Avenue Securities LLC now owns 3,970 shares of the company’s stock worth $1,246,000 after acquiring an additional 2,027 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at $679,000. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. Beach Investment Counsel Inc. PA acquired a new stake in shares of Spotify Technology in the second quarter valued at $211,000. Finally, Moody National Bank Trust Division acquired a new stake in shares of Spotify Technology in the second quarter valued at $396,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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.