Spotify Stock (NYSE: SPOT) Holds Strong Around 52-Week High — Shares Are Up 64% Since 2024’s Start

Last week, following reports of further price increases and the announcement of a new CFO, Spotify stock (NYSE: SPOT) touched a 52-week high. Now, on the heels of the developments, SPOT isn’t giving up any of the newly gained ground. When trading wrapped today, Spotify stock was worth $309.07 per share, down just slightly from Friday’s close but up almost 64 percent from 2024’s beginning. SPOT’s gains are even more pronounced across the past six months (up 98 percent) and year (up 134 percent).

A bit outside the latter stretch, it was only in late 2022 that Spotify stock was hovering around a record low of about $70 per share. Furthermore, SPOT’s current positioning represents the first time shares have topped $300 apiece since the opening quarter of 2021, at what was perhaps the height of the company’s acquisition and podcast-buildout spree.

Of course, that Spotify stock is holding strong above the $300 mark is presumably indicative of market optimism. (On cue, analysts, some of whom predicted during Spotify stock’s last boom a per-share price well in excess of $400, are rallying around sizable target values. A portion of the individuals previously set low SPOT forecasts, whereas others yet have for years been long Spotify.)

Behind Spotify stock’s latest climb are the initially mentioned reports of forthcoming price bumps and the announcement of a new chief financial officer. We covered both topics in detail last week – with the most important takeaway seemingly being the lack of a formal pricing-adjustment confirmation from Spotify. While anonymous sources suggested that the first round of heightened costs would go into effect by this month’s conclusion, the platform itself has yet to make an official announcement.

Consequently, SPOT’s ascent appears to underscore the market’s high hopes for the revenue byproducts of pricing pivots. Bigger picture, Spotify during 2023 trimmed all manner of spending, laid off close to one-fifth of its team in December, and professed a goal of achieving consistent long-term profitability.

Those points certainly aren’t hurting SPOT’s momentum, and in keeping with the operational realignment, Spotify is also poised to welcome another CFO later in 2024. It’s unclear exactly when this individual, one Christian Luiga, will take the reins. VP of financial planning and analysis Ben Kung is currently acting as interim CFO, and Spotify expects the Saab exec Luiga to begin sometime in the third quarter. But Saab communicated in a release of its own that the higher-up will exit his current post on October 3rd at the latest.