Short Interest in Spotify Technology (NYSE:SPOT) Drops By 17.7%

Spotify Technology (NYSE:SPOT) was the recipient of a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 6,241,381 shares, a decline of 17.7% from the December 31st total of 7,584,968 shares. Approximately 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,689,070 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily trading volume, of 2,689,070 shares, the days-to-cover ratio is currently 2.3 days. Approximately 3.0% of the shares of the stock are sold short.

Spotify Technology Price Performance

NYSE SPOT traded up $9.61 during mid-day trading on Monday, reaching $509.96. 884,302 shares of the stock were exchanged, compared to its average volume of 2,492,846. The stock has a market cap of $105.00 billion, a P/E ratio of 80.14, a P/E/G ratio of 0.96 and a beta of 1.66. The stock has a 50 day simple moving average of $558.79 and a 200-day simple moving average of $636.52. Spotify Technology has a one year low of $475.01 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period last year, the company posted $1.45 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. raised its position in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Finally, Total Investment Management Inc. bought a new stake in shares of Spotify Technology during the second quarter worth about $29,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. UBS Group lowered their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, Benchmark reduced their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $727.71.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.