Spotify has passed its stock price stability test

It's been two months since Spotify went public via a direct listing, and its stock price remains above both its reference point price and where it closed its first day of trading.

Why it matters: Other private tech companies were closely watching Spotify’s approach, for which price stability was a major test. It passed.

Key prices for Spotify:

• Direct listing reference point price: $132 ($23.6 billion valuation, fully diluted)
• First trade: $165.90 ($29.6 billion)
• First day close: $149.01 ($26.6 billion)
• Today's close: $159.26 ($28.4 billion)