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Spotify Stock Price Falls, Rebounds Late in Second Day of Public Trading

Spotify closed its second day as a publicly traded company on Wednesday with 3.6 percent gains, following a gradual decline over the day and a sharp spike in the New York Stock Exchange'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. 

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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.