Benzinga | Oct 28, 2021 01:21PM EDT

Why Spotify Shares Are Rising Today

Spotify Technology SA (NYSE:SPOT) is trading higher after several analyst firms maintained bullish ratings on the stock and raised price targets following the company's third-quarter financial results.

Spotify reported quarterly revenue of 2.5 billion euros ($2.92 billion) and a quarterly earnings loss of 41 cents.

Spotify reported monthly active users of 381 million during the third quarter, representing an increase of 19% year-over-year.

The company expects fourth-quarter revenue to be in a range of 2.54 billion to 2.68 billion.

During Spotify's earnings call, the company said that it recently became the number one podcast platform in the U.S., according to its sources.

Related Link: Spotify Shares Jump As Q3 Performance Shows User Growth, Company Optimism For Q4

Analyst Assessment: Multiple analyst firms weighed in on the stock following Spotify's financial results:

* Keybanc analyst Justin Patterson maintained Spotify with an Overweight rating and raised the price target from $340 to $365.

* Barclays analyst Mario Lu maintained Spotify with an Overweight rating and raised the price target from $300 to $310.

* Morgan Stanley maintained Spotify with an Overweight rating and raised the price target from $325 to $350.

SPOT Price Action: Spotify has traded as high as $387.44 and as low as $201.67 over a 52-week period.

The stock was up 4.53% at $285.49 at time of publication.

Photo: Photo Mix from Pixabay.