Russia-Ukraine War Will Affect These 5 Stocks in the Future

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

Number of Hedge Fund Holders: 49  

Spotify Technology S.A. (NYSE:SPOT) provides audio streaming services. The entertainment sector has been hammered by the recession fears in the US. This is because the industry was already reeling from the pressures of the pandemic and looking forward to a post-pandemic boom when the invasion took place, leading to a dramatic rise in inflation and a lull in spending. Spotify, as one of the leading streaming firms, is also in the limelight as it debates balancing rights concerns with access to information. It has shut Russian operations already. 

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 recession fears were weighing on entertainment and streaming stocks. 

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.”