Spotify (SPOT) Soars 3.9%: Is Further Upside Left in the Stock?

Spotify (SPOT) shares rallied 3.9% in the last trading session to close at $508.44. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 23.3% loss over the past four weeks.The stock is gaining momentum, driven by the company's strong performance in audiobooks, music and podcasts.This music-streaming service operator is expected to post quarterly earnings of $2.29 per share in its upcoming report, which represents a year-over-year change of +118.1%. Revenues are expected to be $4.38 billion, up 10.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Spotify, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SPOT going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Spotify is a member of the Zacks Technology Services industry. One other stock in the same industry, GDS Holdings (GDS), finished the last trading session 6.5% higher at $38.78. GDS has returned 24.5% over the past month.GDS Holdings' consensus EPS estimate for the upcoming report has changed +37.5% over the past month to -$0.22. Compared to the company's year-ago EPS, this represents a change of +64.5%. GDS Holdings currently boasts a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Spotify Technology (SPOT): Free Stock Analysis Report GDS Holdings (GDS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks