Spotify Technology S.A. (NYSE:SPOT) Sees Significant Growth in Short Interest

Spotify Technology S.A. (NYSE:SPOT) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 2,870,000 shares, an increase of 18.1% from the April 30th total of 2,430,000 shares. Based on an average daily volume of 2,010,000 shares, the short-interest ratio is presently 1.4 days. Currently, 2.1% of the shares of the company are sold short.

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. Macquarie raised their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Benchmark lifted their price target on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Piper Sandler restated a “neutral” rating and issued a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a research report on Wednesday, April 24th. HSBC lifted their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, Bank of America raised their price objective on shares of Spotify Technology from $315.00 to $370.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $306.42.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC increased its holdings in shares of Spotify Technology by 19.8% in the 1st quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock valued at $840,000 after acquiring an additional 526 shares during the period. Cetera Investment Advisers grew its position in Spotify Technology by 95.2% during the 1st quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock worth $3,518,000 after purchasing an additional 6,502 shares during the last quarter. Beck Bode LLC increased its stake in Spotify Technology by 11.8% in the first quarter. Beck Bode LLC now owns 57,149 shares of the company’s stock valued at $15,082,000 after purchasing an additional 6,018 shares during the period. Swedbank AB purchased a new stake in shares of Spotify Technology in the first quarter valued at about $198,663,000. Finally, LRI Investments LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $95,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $16.71 during trading on Monday, reaching $313.49. The stock had a trading volume of 2,277,599 shares, compared to its average volume of 1,999,481. The business’s 50-day moving average price is $292.15 and its 200-day moving average price is $243.38. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $319.30. The company has a market cap of $59.63 billion, a P/E ratio of -442.95 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter last year, the business posted ($1.24) EPS. Analysts forecast that Spotify Technology will post 4.78 EPS for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.