Spotify Technology (NYSE:SPOT - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42, Zacks reports. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.95 billion during the quarter, compared to analysts' expectations of $3.87 billion. During the same period in the previous year, the company earned ($1.24) earnings per share. Spotify Technology updated its Q2 2024 guidance to EPS.
Spotify Technology Trading Down 7.2 %
Shares of NYSE SPOT traded down $21.97 during mid-day trading on Wednesday, reaching $281.34. The company had a trading volume of 8,239,164 shares, compared to its average volume of 2,183,022. The business's 50-day moving average is $269.00 and its 200-day moving average is $216.78. The stock has a market cap of $55.80 billion, a price-to-earnings ratio of -96.07 and a beta of 1.63. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Benchmark boosted their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the company a "buy" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a "buy" rating in a research report on Wednesday, April 17th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the company a "buy" rating in a research report on Monday. Raymond James boosted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the company an "outperform" rating in a research report on Monday, April 15th. Finally, UBS Group upped their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $301.81.
Get Our Latest Stock Analysis on SPOT
About Spotify Technology
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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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