Spotify (SPOT) has seen a remarkable 100% growth in its stock over the past year, driven by a pivot towards podcasts and music streaming services, and bundled packages attracting more users. The introduction of a new direct messaging feature has investors excited about the stock’s future potential in the social media space.

While Spotify’s revenue growth remains strong at around 16% year-over-year, EBITDA growth has slowed, raising concerns about costs as the company scales. The addition of direct messaging for both free and premium users could position Spotify as a social media leader in music-related interactions, with strong encryption technology supporting the release.

Wall Street analysts view SPOT stock as a “Moderate Buy,” highlighting its growth potential relative to valuation. The stock has doubled over the past year, with a consensus price target of $744.22 per share, suggesting 9% upside potential. Analysts are optimistic about future growth and feature releases enhancing user engagement and ad revenue, potentially leading to significant upside for investors.

Read more at Yahoo Finance: Spotify Is Launching In-App Messaging. Will That Change the Game for SPOT Stock?