[ad_1]
Exchange Traded Concepts LLC, a leading investment management firm, recently disclosed to the Securities and Exchange Commission (SEC) that it had increased its stake in Spotify Technology SA (NYSE:SPOT). The company increased its stake in Spotify by 31.9% in the fourth quarter of the fiscal year and purchased an additional 858 shares, bringing the total number of shares it owns to his 3,550. As of the latest filing with the SEC, these holdings were valued at approximately $280,000.
Exchange Traded Concepts LLC isn’t the only investor in Spotify technology, but you might wonder why this particular investment has caught the attention of market watchers. A closer look at the digital music service provider’s performance may reveal why some investors are on board.
According to data gathered from Form 13F filed with the SEC, Spotify Technology reported a negative net profit margin of 3.48%. Return on equity was also -17.78%. Additionally, analyst estimates for his earnings per share ($1.28) for the fourth quarter of 2020 put him $0.15 above the actual number ($1.43).
On a more positive note, Spotify posted $3.23 billion in revenue during the same period, compared with initial analyst forecasts of $3.26 billion. These numbers demonstrate Spotify’s stability and potential growth opportunities.
Perhaps there are good reasons behind Exchange Traded Concepts LLC’s decision to increase its exposure on this digital music platform. That’s because many on Wall Street believe a streaming powerhouse like Netflix can provide good insight into what to expect from a company like Spotify.
The current strength of Spotify Technology SA and the rise of Exchange Traded Concepts LLC speaks to how funders feel about the risks and rewards involved in the investment world. For those interested in learning more about this stock and others, the Holdings Channel offers detailed filings and insider trading on a huge variety of companies.
Hedge funds and institutional investors are increasing stakes in Spotify Technology SA
Spotify Technology SA, a digital music service that provides music fans with instant access to the world of music, has recently been the subject of activity by various hedge funds and institutional investors. Several of these funds have bought or sold shares in the company in recent months.
CoreCap Advisors LLC is one of the latest new shareholders, purchasing a new position in Spotify Technology worth approximately $29,000 in the second quarter. Stonebridge Capital Advisors LLC also increased its stake in Spotify Technology by as much as 1,300.0% in the third quarter. The company now owns 350 of his shares in the company and is worth about $30,000 after purchasing another 325 shares during that period. Neo Ivy Capital Management also increased its stake, albeit by 87.6%, over the same period. They now own 362 shares of him worth about $31,000 after purchasing an additional 169 shares.
Additionally, Twin Lakes Capital Management LLC recently purchased a new position in Spotify Technology’s stock for approximately $34,000 in the third quarter, while First Manhattan Co. increased its stake by 65.8% in the first quarter. During this period he additionally acquires shares after purchasing 100 shares.
It is worth noting that hedge funds and other institutional investors currently own more than half of Spotify Technology’s shares, specifically 52.80%.
Last Friday (April 2nd) SPOT opened at $130.83 and the company’s current market capitalization is around $25.29 billion. Looking back at his year as of this date, SPOT’s stock price was set low at $69.89, while it peaked at about $160.06 during the same period. The company shows a beta of around 1.75, shows a negative price-to-earnings ratio (P/E) of -42.34, and additionally operates at a 200-day simple moving average while holding his 50-day simple moving average at around $120.65. doing. The moving average is $96.78.
With a number of equity analysts recently providing insight on the SPOT stock, Truist Financial has increased its price target from $115.00 to $132.00 and added ” Gives a ‘buy’ rating. Atlantic Securities also recently upgraded Spotify Technology from Neutral to Overweight with a price target of $160. Deutsche Bank Aktiengesellschaft raised its price target from $100.00 to $105.00 in a separate research note published on January 30. Meanwhile, Guggenheim upgraded SPOT’s rating from Neutral to Buy. $155.
As data provided by Bloomberg shows today, seven equity research analysts rated the stock a ‘hold’ and 14 equity research analysts rated it a more promising ‘buy’. Spotify Technology SA received moderate buys overall based on ratings from experts so far this year. As such, the consensus among such financial experts is that the company currently holds a consensus price target for each stock of around $132.78. bottom…
[ad_2]
Source link