Spotify Stock Price Falls, Rebounds Late in Second Day of Public Trading
The Swedish streaming company's value dipped before investors pounced during the NYSE's final hour.
Spotify closed its second day as a publicly traded company on Wednesday (April 4) down 3.2 percent, following a selloff day that saw a rebound the New York Stock Exchange's final hour.
After closing its NYSE debut on Tuesday at $149.01 per share, Spotify's stock opened trading on Wednesday at $140 and dipped as low as 9.1 percent to $135.51 over the course of the day. As investors were seemingly watching to see how low the stock would go before buying it back up before the day closed, around 3 p.m. EST the price shot as high as $148.93 over the next hour before finally settling to a closing price of $144.22 -- a 3 percent gain over the day's trading, according to MarketWatch.
On Tuesday, Spotify debuted on the NYSE with a direct listing and shares opening at $165.90 per share. Those traded as high as $169 before closing at $149.01. During that first day, Sony notably sold off 17.2 percent of its ownership in the company -- or 1,748,304, of its 10,164,560 shares -- netting about $260.5 million.
At the current price, Spotify's value is nearly $25.7 billion and its stock is still above the $132.50-per-share high mark of its private stock sales prior to debuting on the NYSE, meaning early investors are still ahead in their stakes' value.