Major after-hours block trades on Monday drag down Spotify

Spotify is on pace for its worst trading day since July, with shares down more than 8% on Tuesday afternoon.

Major after-hours block trades from Monday appear to be driving negative momentum on Tuesday. At 4:52 p.m. ET Monday, 300,000 shares of Spotify were traded at $508.58 each, a $152.6 million exodus. That represents about 12% of the average daily trading volume for Spotify over the past 20 sessions.

Less than an hour earlier, just after Monday’s close, 131,757 shares were sold at the same price point. Together, the two trades represent about a $220 million withdrawal from the music streamer.

Spotify is expected to report its fourth-quarter and full-year earnings results a week from Tuesday. This month marks the company’s third US subscription price hike in the past three years.

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