Russia-Ukraine War is Crushing These 5 Stocks

2. Spotify Technology S.A. (NYSE:SPOT)

Number of Hedge Fund Holders: 49  

Year-to-Date Decline in Share Price as of July 8: 56.66%

Spotify Technology S.A. (NYSE:SPOT) provides audio streaming services. The firm was one of the first big internet giants to suspend Russian operations indefinitely when the Ukraine war broke out in late February. Back then, the firm had removed content linked to Russian propaganda news outlets on the platform as well. In late March, the firm said it was pulling out of Russia due to a new law that threatens jail for those spreading fake news about Russia. The firm cited safety concerns for staff as the prime reason behind the decision. 

On July 7, Citi analyst Jason Bazinet maintained a Buy rating on Spotify Technology S.A. (NYSE:SPOT) stock and lowered the price target to $150 from $165, noting that entertainment and advertising stocks were on the decline due to recession fears. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm ARK Investment Management is a leading shareholder in Spotify Technology S.A. (NYSE:SPOT), with 4.3 shares worth more than $662 million. 

In its Q1 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Spotify Technology S.A. (NYSE:SPOT) was one of them. Here is what the fund said:

“We also added to our positions in Spotify Technology S.A. (NYSE:SPOT). The company has large addressable markets with strong brands that should allow them to take significant market share over time. We believe Spotify Technology S.A. (NYSE:SPOT) is appropriately financed and should generate significant cash to continue investing in their businesses for further growth.”