Why Spotify Stock Was Down 20% Last Month
Shares of audio platform Spotify Technology (NYSE: SPOT) were down 20.2% in September, according to data provided by S&P Global Market Intelligence. The market was down 9% during the month, which pulled Spotify down. And a big drop came midway through September, corresponding to the latest numbers regarding inflation.
Analyst Barton Crockett of Rosenblatt Securities lowered the firm's price target for Spotify stock from $118 per share to $112 per share on Sept. 7, according to TipRanks. The stock trades well below that price as of this writing, and he only lowered the price target by 5%. Still, even something as small as this can shake investor confidence.
The bigger drop for Spotify stock appeared to coincide with the latest data on U.S. inflation. On Sept. 13, the U.S. Bureau of Labor Statistics said its Consumer Price Index was up 8.3% in the year leading up to August -- a big jump.
Source Fool.com
