SPOTIFY STOCK KEEPS SOARING
After going wild for Spotify Wednesday, early morning trading has continued the rally, pushing the stock past $330 a share. It was up more than $9 in the first hour after the bell rang.
Wall Street went wild for Spotify on Wednesday (12/2), pushing the stock to a record high of $320.89, up $35.90 from Tuesday's close, a rise of 12.6%.
It is the first time in Spotify's 32 months of being sold publicly that the stock has closed above $300 (it approached $330 before the close). In the last six months, the share price has nearly doubled, from $184.63.
The question is, of course, why now? CFRA tagged Spotify as a “buy” on Tuesday (12/1), making it one of 14 analysts—out of 30—deeming the stock worth the price, though they assigned it a target of $282.
Moreover, the surge comes over the two days during which the service released its personalized 2020 Wrapped data for users and artists, as well as metrics associated with podcasts, which now total 1.9m on the site.
