Spotify Technology (SPOT) - Get Report  was down more than 4% Monday on news that Amazon (AMZN) - Get Report  was looking into starting a free-music service.

Amazon's ad-supported music service will be a direct threat to global streaming leader Spotify, which offers free content on mobile and tablets.

Amazon's free-music service could start this week via its Echo speakers, according to Billboard, which cited a source familiar with the plan. 

Shares of Spotify were trading at $138.62, down 4.4%. Amazon's shares were off 1% at $1,824.45.

Spotify stock has 14 buys, eight holds, two sells and two overweight ratings, according to FactSet. The Swedish audio-streaming platform has a consensus price target of $166.02 and an average overweight rating.

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