Why Spotify's Stock Took a Hit From Recent Analyst Ratings

Spotify — Tomorrow

Shares opened at US$165.90, up nearly 26% from the $132 guide price set by the New York Stock Exchange on Monday.

He noted that Spotify has been able to hold its own, maintaining 36 per cent of the subscriber market despite the onslaught of Apple.

That means the $97.30 gain is exclusively to Sony, and was calculated after the company made royalty payments to artists and indie labels.

Spotify CEO Daniel Ek who founded the company, emerged as the day's biggest victor. "Normally, companies spend their day doing interviews on the trading floor touting why their stock is a good investment", he said.

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Spotify shares opened at $165.90, up almost 26 percent from a reference price of $132 set by the NYSE late on Monday.

The NYSE set Spotify's reference price late on Monday to be in line with informal, private trading of Spotify shares, giving an early estimate of the level at which supply and demand could be balanced.

Spotify is still not profitable to this day.

In 2015, Spotify's valuation was priced at just $8 billion - this figure has tripled in 3 years.

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A banner with the Spotify logo on it is seen as the company lists its stock on the New York Stock Exchange.

While Spotify has faced stiff competition from Apple Music over the past few years, it remains the market leader in music streaming with 71 million paying subscribers and 159 million monthly listeners across 61 countries.

However, the streaming service's unusual float, which skirted the big Wall Street banks by offering a so-called direct listing instead of the more traditional initial public offering (IPO), may have made the stock more volatile.

Shares initially "popped" up to $165 (£118) on opening, way above its guide price of $132 (£93). While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.

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Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE. That places the Swedish company at a valuation of $25 billion, well above Reuters' estimate of $19 billion, and ranks Spotify as the third-largest tech IPO of all time, according to Dealogic.

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