8 Good Stocks To Buy Right Now

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

Number of Hedge Fund Holders: 88

Spotify Technology S.A. (NYSE:SPOT) ranks fifth on our list of good stocks to buy right now. The audio streaming company has grown significantly. It allows people to discover music, listen to podcasts, stay on top of celebrity tours, and optimize listening profiles.

The company is present in 184 countries and has more than 626 million monthly active users, comprising 246 million premium subscribers. The company grew its monthly active users by 14% year-over-year. In the second quarter of 2024, the company logged $3.81 billion in revenue, generating most of it from two major segments, premium and ad-supported users. The two segments made up 88% and 12% of the total revenue, respectively.

The company is known for its algorithm that helps music fanatics discover music that suits them right. To improve and provide premium customer satisfaction, Spotify Technology S.A. (NYSE:SPOT) makes significant investments in research and development. The R&D expense is primarily allocated to products and features that improve the user experience.

Overall, Spotify Technology S.A. (NYSE:SPOT) has a sustainable business model that promises solid revenue growth for the foreseeable future. While competitors are springing up, Spotify has so far sustained a positive brand image, explaining why 88 hedge funds were bullish on the stock at the close of Q2 2024, according to the Insider Monkey database.