River & Mercantile Asset Management LLP Buys 7,720 Spotify Technology S.A. (NYSE:SPOT) 2023

River & Mercantile Asset Management LLP increased its position in Spotify Technology S.A. (NYSE: SPOT – Get Rating) by 38.3% during the third quarter, according to its most recent SEC filing. The business acquired an additional 7,720 shares of the company’s stock during the quarter, bringing its total to 27,877. The value of River & Mercantile Asset Management LLP’s Spotify Technology assets at the conclusion of the most recent reporting period was $2,404,000.

Not earnings but traffic is driving Spotify’s stock price higher.

A number of other institutional investors and hedge funds have adjusted their holdings in the company in recent months. Captrust Financial Advisers increased its Spotify Technology stock holding by 1,641.8% in the third quarter. After acquiring an additional 38,270 shares during the period, Captrust Financial Advisors now holds 40,601 shares of the company’s stock valued at $3,506,000. During the third quarter, Balyasny Asset Management LLC increased its holdings in Spotify Technology shares by 911.6%. After purchasing an additional 38,970 shares during the period, Balyasny Asset Management LLC now holds 43,245 shares of the company’s stock worth $3,732,000. During the third quarter, Neo Ivy Capital Management increased its holdings in Spotify Technology by 87.6%. After acquiring an additional 169 shares during the quarter, Neo Ivy Capital Management now holds 362 shares of the company’s stock valued at $31,000. During the third quarter, Jacobs Levy Equity Management Inc. increased its holdings in Spotify Technology shares by 6.7%. After purchasing an additional 635 shares during the period, Jacobs Levy Equity Management Inc. now has 10,069 shares of the company’s stock worth $869,000. In the third quarter, Stonebridge Capital Advisors LLC increased its Spotify Technology holdings by 1,300%. Stonebridge Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after purchasing an additional 325 shares during the period. Institutional investors own 52.80% of the company’s stock.

Up 0.1% in Spotify Technologies Stock

Thursday’s opening NYSE SPOT price was $125.65. The firm’s 50-day simple moving average is $112.02, while its 200-day simple moving average is $94.98. The 12-month low for Spotify Technology S.A. is $69.29 and the 12-month high is $160.06. The company has a market capitalization of $24.29 billion, a P/E ratio of -40.66, and a beta of 1.75.

Can Investors Now Hear The End Of Spotify’s Decline?

On January 31st, Spotify Technologies (NYSE: SPOT – Get Rating) released its most recent quarterly earnings report. Earnings per share (EPS) for the quarter came in at ($1.43), ($0.15) below the average expectation of ($1.28). It had a negative net margin of 3.48 percent and a negative return on equity of 17.78 percent. The company’s quarterly sales were $3.23 billion, compared to analysts’ forecasts of $3.26 billion. Analysts anticipate that Spotify Technology S.A. will report a -2.15 EPS for the current fiscal year.

Experts Establish New Cost Goals

Several equity analysts have published reports on SPOT shares. In a report published on Wednesday, February 1st, KeyCorp increased their price objective on shares of Spotify Technology from $125.00 to $140.00 and gave the company an “overweight” rating. In research published on Wednesday, February 1st, Truist Financial increased its target price on shares of Spotify Technology from $115.00 to $132.00 and gave the company a “buy” rating. In a report published on Wednesday, February 1st, Raymond James increased their target price on shares of Spotify Technology from $110.00 to $130.00 and gave the company a “outperform” rating. In a report published on Thursday, January 5th, UBS Group decreased their target price on shares of Spotify Technology from $142.50 to $100.00. In a report published on Friday, March 10th, Bank of America increased their price objective on shares of Spotify Technology from $120.00 to $143.00. Eight analysts have assigned a hold recommendation to the stock, while thirteen have assigned a buy rating. The business now has a consensus rating of “Moderate Buy” and an average price target of $131.77, according to data from MarketBeat.