Most investors would be wary of attempting to buy a stock near its highs, and much less after a recent run to the upside, thinking that they can get the proverbial rug pulled from under them. However,

Key TakeawaysSpotify shares jumped in extended trading on Tuesday after the streaming media giant topped Wall Street’s third-quarter subscriber growth estimates and issued a better-than-expected profit outlook.

Spotify stock rose early Wednesday after the audio streaming platform posted quarterly earnings and gave an upbeat outlook for subscriber and user growth. But one analyst downgraded the stock. PhillipCapital analyst Jonathan Woo changed his recommendation from Buy to Accumulate,

Music streaming giant Spotify grew monthly active users and premium subscribers last quarter, beating forecasts on both of those and other metrics as the stock rose more than 9% after the numbers before settling slightly to well over $450.

Spotify (SPOT) added more subscribers than expected in the third quarter, sending shares higher after the bell Tuesday. Monthly active users climbed 11% year-over-year to 640 million, and premium subscriptions came in at 252 million,