Spotify Technology (NYSE:SPOT) Sees Unusually-High Trading Volume Following Strong Earnings

Spotify Technology S.A. (NYSE:SPOT) shares saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 2,455,653 shares changed hands during 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 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the firm posted ($1.24) earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPOT. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company raised their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. HSBC raised their price objective on Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays raised 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. Finally, Macquarie raised their price target on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.81.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new position in Spotify Technology during the first quarter valued at approximately $40,000. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology during the fourth quarter valued at approximately $32,000. First Horizon Advisors Inc. raised its position in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after acquiring an additional 117 shares in the last quarter. Finally, Spire Wealth Management raised its position in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after acquiring an additional 95 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 7.2 %

The firm has a 50-day moving average of $269.74 and a two-hundred day moving average of $217.24. The company has a market capitalization of $55.80 billion, a PE 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.