Ground Swell Capital LLC Makes New Investment in Spotify Technology (NYSE:SPOT)

Key Points

• Ground Swell Capital LLC has made a new investment in Spotify Technology, acquiring 411 shares valued at approximately $226,000 in the first quarter.
• Institutional investors now hold 84.09% of Spotify's stock, reflecting increased interest from various hedge funds and management companies.
• Spotify's recent quarterly earnings report showed a loss of ($0.42) EPS, significantly below analysts' expectations, even as revenue increased by 10.1% year-over-year.

Ground Swell Capital LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 411 shares of the company's stock, valued at approximately $226,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hartford Investment Management Co. boosted its position in shares of Spotify Technology by 1.1% in the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after acquiring an additional 16 shares during the period. Citizens Financial Group Inc. RI boosted its position in shares of Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after acquiring an additional 17 shares during the period. HM Payson & Co. boosted its position in shares of Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after acquiring an additional 18 shares during the period. North Star Investment Management Corp. boosted its position in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares during the period. Finally, Adero Partners LLC boosted its position in shares of Spotify Technology by 0.7% in the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after acquiring an additional 19 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on SPOT. Pivotal Research upped their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Barclays reduced their price objective on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research note on Wednesday, July 30th. Macquarie increased their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Stock Up 0.9%

NYSE:SPOT opened at $695.34 on Thursday. The company has a fifty day moving average of $703.17 and a 200-day moving average of $633.91. The firm has a market capitalization of $142.34 billion, a P/E ratio of 168.77, a P/E/G ratio of 2.98 and a beta of 1.69. Spotify Technology has a twelve month low of $319.07 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $2.00 by ($2.42). The company had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 EPS. On average, analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology 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.

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