Maxi Investments CY Ltd Has $2.67 Million Stake in Spotify Technology (NYSE:SPOT)

Key Points

• Maxi Investments CY Ltd significantly increased its stake in Spotify Technology by 56.3%, owning 4,845 shares worth approximately $2.67 million as of its latest SEC filing.
• Spotify's stock opened at $660.37 and has a market cap of $135.18 billion, with its stock price showing a 5.3% increase recently.
• The company reported a quarterly loss of ($0.42) per share, missing the estimate of $2.00, despite generating revenues of $4.94 billion, which exceeded expectations.

Maxi Investments CY Ltd increased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 56.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,845 shares of the company's stock after purchasing an additional 1,745 shares during the quarter. Maxi Investments CY Ltd's holdings in Spotify Technology were worth $2,665,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. QRG Capital Management Inc. lifted its stake in Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after buying an additional 189 shares during the last quarter. GAMMA Investing LLC grew its position in Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after purchasing an additional 1,179 shares during the period. Fifth Third Bancorp boosted its position in shares of Spotify Technology by 30.7% during the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock worth $166,000 after buying an additional 71 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Spotify Technology by 238.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after acquiring an additional 17,932 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Up 3.1%

NYSE SPOT traded up $20.64 during trading on Thursday, reaching $687.45. 2,441,891 shares of the company's stock were exchanged, compared to its average volume of 2,685,037. Spotify Technology has a fifty-two week low of $319.07 and a fifty-two week high of $785.00. The company's fifty day simple moving average is $701.76 and its 200-day simple moving average is $628.47. The firm has a market capitalization of $140.73 billion, a PE ratio of 166.86, a P/E/G ratio of 2.89 and a beta of 1.69.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Barclays lowered their price target on Spotify Technology from $800.00 to $750.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Guggenheim boosted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 30th. Morgan Stanley dropped their target price on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, Canaccord Genuity Group increased their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

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.