Spotify (NASDAQ:SPOT) shares dropped 5.4% during trading on Wednesday . The stock traded as low as $177.10 and last traded at $177.36. Approximately 2,311,824 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 2,219,674 shares. The stock had previously closed at $187.53.

SPOT has been the subject of several research reports. Buckingham Research raised their target price on Spotify from $195.00 to $201.00 and gave the stock a “buy” rating in a research report on Friday, July 20th. MKM Partners raised their target price on Spotify from $200.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, August 22nd. Cascend Securities assumed coverage on Spotify in a report on Monday, May 14th. They set a “buy” rating and a $185.00 price objective on the stock. Morgan Stanley lifted their price objective on Spotify from $190.00 to $225.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Finally, Wells Fargo & Co lifted their price objective on Spotify to $180.00 and gave the company a “market perform” rating in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Spotify has a consensus rating of “Buy” and a consensus target price of $204.04.

Spotify (NASDAQ:SPOT) last released its earnings results on Thursday, July 26th. The company reported ($2.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($1.57). The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. The firm’s revenue was up 26.4% on a year-over-year basis.

A number of hedge funds have recently made changes to their positions in the business. Archford Capital Strategies LLC bought a new stake in shares of Spotify in the second quarter valued at approximately $103,000. Financial Architects Inc bought a new stake in Spotify during the second quarter valued at $154,000. Parallel Advisors LLC bought a new stake in Spotify during the second quarter valued at $171,000. Benjamin F. Edwards & Company Inc. bought a new stake in Spotify during the second quarter valued at $195,000. Finally, Thompson Davis & CO. Inc. bought a new stake in Spotify during the second quarter valued at $202,000.

Spotify Company Profile (NASDAQ:SPOT)

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

Read More: Price to Earnings Ratio (PE)

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