Spotify (NASDAQ:SPOT) Earns “Sell” Rating from Loop Capital

Loop Capital restated their sell rating on shares of Spotify (NASDAQ:SPOT) in a research note released on Friday, November 2nd, The Fly reports. They currently have a $135.00 target price on the stock.

A number of other research firms have also weighed in on SPOT. BTIG Research started coverage on Spotify in a research note on Monday, July 23rd. They issued a buy rating and a $230.00 target price for the company. Buckingham Research boosted their target price on Spotify from $195.00 to $201.00 and gave the company a buy rating in a research note on Friday, July 20th. Zacks Investment Research lowered Spotify from a hold rating to a sell rating in a research note on Friday, July 27th. JPMorgan Chase & Co. boosted their target price on Spotify from $190.00 to $225.00 and gave the company an overweight rating in a research note on Friday, July 27th. Finally, MKM Partners boosted their target price on Spotify from $200.00 to $245.00 and gave the company a buy rating in a research note on Wednesday, August 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $198.96.

SPOT stock traded up $1.06 during mid-day trading on Friday, hitting $138.06. 2,571,605 shares of the stock were exchanged, compared to its average volume of 2,125,615. Spotify has a 12 month low of $131.01 and a 12 month high of $198.99.

Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. The firm’s quarterly revenue was up 31.0% compared to the same quarter last year.

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in Spotify during the 2nd quarter valued at about $6,459,000. AMP Capital Investors Ltd purchased a new position in shares of Spotify during the 2nd quarter worth approximately $3,391,000. Tower Research Capital LLC TRC purchased a new position in shares of Spotify during the 2nd quarter worth approximately $238,000. Stephens Investment Management Group LLC purchased a new position in shares of Spotify during the 2nd quarter worth approximately $2,323,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Spotify during the 2nd quarter worth approximately $51,894,000.

Spotify Company Profile

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

Featured Story: How accurate is the Rule of 72?

The Fly

Analyst Recommendations for Spotify (NASDAQ:SPOT)

Receive News & Ratings for Spotify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply