Spotify Stocks Find Stability Following Sell-Offs to Close First Week of Public Trading
Stock prices are down 12 percent from Tuesday's debut, but have settled in between $145 and $150 for the time being.
Spotify closed its opening week on the New York Stock Exchange on Friday (April 6) with shares trading at $147.92, marking a 12.2 percent drop in share price from Tuesday's opening of $165.90 but overall hardly a disappointing showing.
Considering some swings were expected with Spotify's direct listing initial public offering -- which allowed early investors and employees to sell as many shares as they wanted -- following sell-offs on Tuesday and Wednesday, the stock found its footing between $145 and $150 per share and over Thursday and Friday remained steadily in that range.
On Friday, share prices increased 2.7 percent from Thursday, dipping as low as $144.67 and peaking at $148.73. At the closing price, Spotify is valued at over $26 billion.
Prior to Spotify's IPO, its stock had sold for as high as $132.50 per share. That means, at Friday's price, early investors are still seeing at least a 16.4 percent profit on their shares.
But if Thursday and Friday's relative stability is any indication, investors are interested in seeing what will happen next for the streaming giant. Surely with that in mind, Spotify announced it will be making a "news announcement" on April 24, on which no other details were provided.