Spotify Technology S.A. (NYSE:SPOT) Sees Large Drop in Short Interest

Spotify Technology S.A. (NYSE:SPOT) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 6,780,000 shares, a drop of 19.4% from the December 15th total of 8,410,000 shares. Currently, 4.8% of the shares of the company are sold short. Based on an average trading volume of 2,440,000 shares, the short-interest ratio is presently 2.8 days.

Spotify Technology Stock Down 1.6 %

NYSE SPOT traded down $7.95 during mid-day trading on Friday, hitting $482.39. The stock had a trading volume of 195,932 shares, compared to its average volume of 1,493,843. Spotify Technology has a 52-week low of $200.81 and a 52-week high of $506.47. The company has a market cap of $96.02 billion, a price-to-earnings ratio of 131.37 and a beta of 1.62. The company has a 50 day simple moving average of $465.30 and a 200 day simple moving average of $387.49.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. As a group, equities analysts anticipate that Spotify Technology will post 5.96 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Spotify Technology in the second quarter valued at about $310,000. SYSTM Wealth Solutions LLC acquired a new position in Spotify Technology during the 2nd quarter valued at approximately $104,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Spotify Technology by 20.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 2,600 shares of the company’s stock valued at $816,000 after acquiring an additional 435 shares during the period. Amalgamated Bank grew its position in shares of Spotify Technology by 5.9% during the second quarter. Amalgamated Bank now owns 9,812 shares of the company’s stock worth $3,079,000 after acquiring an additional 548 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its stake in shares of Spotify Technology by 11.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,728 shares of the company’s stock valued at $3,642,000 after purchasing an additional 1,212 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley lifted their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. TD Cowen lifted their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group increased their price objective on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $441.21.

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.