Up Almost 100% This Year, Is It Time to Sell Spotify?
Investors in Spotify (NYSE: SPOT) have gone on a rollercoaster ride in the last few years. Shares rallied more than 100% in late 2020 and early 2021, but went into a steep decline during the 2022 bear market after the company failed to reign in costs and reach profitability. Shares fell more than 80% from all-time highs in less than two years.
Meanwhile, 2023 has been a lot kinder to shareholders, with the stock up 85% year to date (YTD) as of this writing -- likely due to the general bull market, cost-cutting measures from management, and impressive first-quarter growth numbers for the music and audio streaming platform.
If you own Spotify, you're probably debating if you should sell the stock after this monster bull run. Let's see whether now is the right time to dump your shares.
Source Fool.com
