Today’s Research Reports on Stocks to Watch: Spotify and Pandora
NEW YORK, NY / ACCESSWIRE / April 4, 2018 / Spotify was one of the most active stocks trading in the market yesterday after making a record setting debut. Shares closed up nearly 13% higher as investor optimism poured in for the music streaming company. Shares of Pandora saw a loss as traders watched Spotify take center stage.
RDI Initiates Coverage on:
SPOTIFY TECHNOLOGY S.A.
https://rdinvesting.com/news/?ticker=SPOT
Pandora Media, Inc.
https://rdinvesting.com/news/?ticker=P
SPOTIFY TECHNOLOGY S.A. shares made their market debut on Tuesday and closed the day up nearly 13% on about 30.5 million shares traded. The music streaming company saw big gains on its first day in the market, with shares hitting a market valuation of $26.54 billion. Spotify is now ranked as the eighth largest tech IPO. Google is in the position ahead of it which made its IPO in 2004. The stock opened at $165.90 shortly after midday hit yesterday. Closing at $149.01 was about 10% lower than its opening price but was still above the $132 that the NYSE set as the stock's "reference price." The company's CEO and co-founder Daniel Ek was on ‘CBS This Morning’ yesterday where he talked about how he tried persuading Taylor Swift to come back to the platform last summer.
Access RDI’s SPOTIFY TECHNOLOGY S.A. Research Report at:
https://rdinvesting.com/news/?ticker=SPOT
Pandora Media, Inc. shares closed down 3.13% on Tuesday after rival Spotify debuted on the NYSE. Spotify had a record-setting direct listing yesterday and it looks like some Pandora traders were unsettled. Not too long ago Pandora made an announcement that it would be acquiring audio ad tech startup Adswizz, which specializes in providing audio ads to music streaming services. Pandora will be acquiring the company for $145.0 million in a combination of cash and stock. The deal is subject to regulatory approval first. Pandora VP of ad strategy Scott Walker had said last month, "We’ve invested in proprietary ad tech for a while, but this significantly changes the game in terms of building on a robust ad technology platform that is a full stack." After the acquisition, AdsWizz plans to operate independently.
Access RDI’s Pandora Media, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=P
Our Actionable Research on SPOTIFY TECHNOLOGY S.A. (NYSE: SPOT) and Pandora Media, Inc. (NYSE: P) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
