Spotify Technology (NYSE:SPOT) Trading Up 4.5% - Here's What Happened

Spotify Technology S.A. (NYSE:SPOT - Get Free Report)'s stock price rose 4.5% during mid-day trading on Tuesday . The stock traded as high as $573.75 and last traded at $573.64. Approximately 999,595 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 2,177,078 shares. The stock had previously closed at $549.17.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPOT. FBN Securities assumed coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target on the stock. Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research note on Wednesday. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Spotify Technology from $730.00 to $640.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, KeyCorp cut their target price on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $564.45.

Spotify Technology Stock Up 2.1 %

The company's 50 day simple moving average is $575.74 and its two-hundred day simple moving average is $498.86. The company has a market capitalization of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its holdings in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology in the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $214,000. Finally, Swedbank AB increased its holdings in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after buying an additional 163,626 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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.