Spotify Technology SA (NYSE: SPOT) made its debut on the New York Stock Exchange on Tuesday, who went public through direct-listing. The stock listed on the exchange at $165.90, before falling to Tuesday’s closing price of $149.60. Shares continued to fall on Wednesday after analysts released their ratings.

At least four analysts have cautioned investors about Spotify, which include Redburn, SEB and Gabelli who have released a hold rating. Redburn says that the free competition in the market will limit the company, SEB Equities says the future is already priced in the stock and Gabelli & Co. cautioned about limited margin expansion, according to Bloomberg.

M Science analyst Corey Barrett, who has not provided a rating yet, said in an interview that there’s a risk from larger companies such as Amazon.

The banks did not have to wait the 25-day quiet period before releasing their ratings because Spotify had listed through a direct-listing instead of a traditional initial public offering.

So far, Spotify has five buy ratings, four holds, and zero sells, with an average 12-month price target of $159, according to data compiled by Bloomberg.

The overall consensus for Spotify could be largely due to the company’s way to make profit. The company tends to offer large payouts to many labels and artists to allow a large database of music for customers.

Although Spotify still dominates the music-streaming market, other competitors are beginning to catch pace such as Apple music.

Although the company reported revenue of $5.09 billion, the company has reported a net loss every year since its founding.

For the upcoming fiscal year, Spotify forecasts monthly active users to grow by 26 percent to 32 percent to 198 to 208 million users on a revenue growth of 20 percent to 30 percent to $6.1 billion to $6.8 billion.

Spotify says it will begin to monetize its service through subscriptions and advertising, which could potentially be a stand-alone growth opportunity.

Spotify shares fell by 6.3 percent to $139.61 during late midday on Wednesday.