Spotify Stock Sees Major Sell-Off, Drops Over 7% Early Monday
NEW YORK – Spotify Technology SA (NYSE: SPOT) shares suffered a significant setback in early trading on Monday, plummeting sharply by more than seven percent.
As of 10:39 AM GMT-4 on April 29th, the audio streaming platform’s stock was trading markedly lower at 553.94 USD. This price represented a substantial decrease of -43.79 USD, or 7.33 percent, from its previous closing value of 597.73 USD.
The trading session began with Spotify opening at 558.00 USD. The stock briefly reached a high of 565.88 USD before encountering intense selling pressure. This led to a rapid decline, with the shares hitting an intraday low of 540.10 USD. The current price reflects a modest bounce from that low point, but the overall trend shown on the intraday chart is clearly downward after the volatile opening.
This sharp drop places Spotify further below its 52-week high of 652.63 USD. Despite the decline, the stock remains considerably above its 52-week low of 280.37 USD. The company currently has a Price-to-Earnings (P/E) ratio of 88.22 and does not pay a dividend.
The substantial early decline in Spotify’s share price has captured significant market attention to start the week.
