Spotify stock fell 4.89% on Monday, closing the day at $131.13. That leaves the streamer with a market cap of just under $24 billion. At one point in the day, the stock fell to an all time low of $126.75.
Spotify's downturn continued on a day of turmoil in the market overall, but was exacerbated after analysts from Barclays, JPMorgan Chase, Evercore and Wells Fargo all downgraded their target price for the stock to the $190 - $200 per share range.
Spotify stock was up 3.4% to $134.71 in pre-target trading.