Spotify Technology SA (NYSE:SPOT) Sees Significant Growth in Short Interest

Spotify Technology SA (NYSE:SPOT) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 5,038,700 shares, an increase of 26.4% from the May 30th total of 3,987,500 shares. Approximately 4.9% of the company’s stock are sold short. Based on an average daily trading volume, of 1,600,000 shares, the short-interest ratio is currently 3.1 days.

Shares of NYSE SPOT traded up $0.84 during midday trading on Friday, hitting $152.30. The stock had a trading volume of 952,016 shares, compared to its average volume of 1,794,493. The firm’s 50 day moving average is $140.17. The stock has a market cap of $27.13 billion, a P/E ratio of -253.83 and a beta of 1.84. Spotify Technology has a 52 week low of $103.29 and a 52 week high of $198.99. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.23.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Monday, April 29th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.53). Spotify Technology had a negative net margin of 1.08% and a positive return on equity of 13.72%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Sell-side analysts expect that Spotify Technology will post -2.7 earnings per share for the current fiscal year.

SPOT has been the topic of several analyst reports. Goldman Sachs Group set a €152.00 ($176.74) target price on shares of Aena SME and gave the stock a “sell” rating in a research note on Tuesday, April 30th. Pivotal Research reiterated a “buy” rating and issued a $165.00 target price on shares of Spotify Technology in a research note on Monday, April 29th. Evercore ISI downgraded shares of Spotify Technology from an “in-line” rating to an “underperform” rating in a research note on Monday, June 24th. Finally, UBS Group upped their target price on shares of Spotify Technology from $180.00 to $182.00 and gave the stock a “buy” rating in a research note on Tuesday, April 30th.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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