NINE MASTS CAPITAL Ltd Makes New $887,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

NINE MASTS CAPITAL Ltd purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,826 shares of the company’s stock, valued at approximately $887,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology during the 2nd quarter valued at approximately $25,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the last quarter. Mather Group LLC. boosted its position 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 acquiring an additional 99 shares during the period. Asset Dedication LLC acquired a new stake in shares of Spotify Technology in the second quarter worth $35,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Spotify Technology during the second quarter worth $39,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research reports. Evercore ISI increased their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Barclays boosted their price target on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Morgan Stanley raised their price objective on Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities boosted their price objective on Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $356.38.

Spotify Technology Stock Up 2.9 %

Shares of NYSE SPOT opened at $336.60 on Thursday. Spotify Technology S.A. has a 12-month low of $145.76 and a 12-month high of $359.38. The firm’s 50-day simple moving average is $326.28 and its 200 day simple moving average is $303.14. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $67.00 billion, a price-to-earnings ratio of -502.38 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the business earned ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. On average, research analysts expect that Spotify Technology S.A. will post 6.31 earnings per share for the current fiscal year.

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.