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

Spotify Technology S.A. (NYSE:SPOT) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 2,180,000 shares, an increase of 32.9% from the March 31st total of 1,640,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,260,000 shares, the short-interest ratio is presently 1.0 days.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $0.57 on Friday, hitting $289.59. 2,477,228 shares of the company’s stock traded hands, compared to its average volume of 3,137,877. The firm’s 50-day moving average price is $271.48 and its two-hundred day moving average price is $219.09. The stock has a market capitalization of $57.43 billion, a PE ratio of -432.22 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.87 billion. During the same quarter in the prior year, the company posted ($1.24) earnings per share. On average, analysts forecast that Spotify Technology will post 4.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on SPOT. Bank of America boosted their price target on Spotify Technology from $315.00 to $370.00 and gave the company a “buy” rating in a research note on Wednesday. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Loop Capital increased their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, KeyCorp raised their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $301.81.

Institutional Trading of Spotify Technology

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank acquired a new stake in Spotify Technology in the 4th quarter valued at $92,429,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

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.