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Trends & Analysis
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News

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Asset Watch

Should you add Spotify to your investing playlist?

Thursday, February 8, 2024

Spotify struck the right tone with investors on Feb. 6, as the bulls lauded the optimistic first-quarter guidance. The audio giant’s premium subscribers rose 15% year-over-year (YoY) to reach 236 million, surpassing the consensus estimate of 224 million. Management also expects the metric to hit 239 million in Q1.
CEO Daniel Ek said licensing content to other platforms has paid off for the media service.
“The creator wants to have a broader audience, and I feel like with these new deals we’ve been making for most of 2023, we’re better aligned with the creator.”
So, with the fundamentals accelerating and a smooth uptrend in place, should you position for higher highs in the months ahead?

The earnings upswing on Feb. 6 helped Spotify break out above the weekly lows from mid-2020 through early 2022. However, the stock must maintain the strength to confirm the move. In the meantime, tracking the 10-week moving average (the blue line) is the best way to remain long and manage risk.

The vertical white line shows how the 10-week MA has been a reliable gauge of support and resistance since 2022. Therefore, if Spotify continues to trade above the key level, the bulls remain in control, and the outlook is constructive.

Will Spotify recapture its November 2021 highs near $300, or will a sad song serenade the bears and inspire a correction?


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