Spotify Technology (NYSE:SPOT) Hits New 12-Month Low – Time to Sell?

Shares of Spotify Technology (NYSE:SPOT) hit a new 52-week low during trading on Tuesday . The stock traded as low as $472.10 and last traded at $469.7460, with a volume of 1665079 shares trading hands. The stock had previously closed at $508.58.

Analyst Ratings Changes

SPOT has been the subject of several recent analyst reports. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Moffett Nathanson started coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. Guggenheim dropped their price objective on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Price Performance

The firm has a market cap of $97.42 billion, a P/E ratio of 74.40, a PEG ratio of 0.96 and a beta of 1.66. The company’s 50 day moving average is $557.25 and its two-hundred day moving average is $635.03.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same period in the previous year, the company posted $1.45 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. Research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology in the 3rd quarter valued at $26,000. Knuff & Co LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter valued at about $27,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at about $27,000. Greykasell Wealth Strategies Inc. raised its position in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Finally, Total Investment Management Inc. bought a new position in Spotify Technology during the second quarter worth about $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.