Spotify Technology (NYSE:SPOT) Short Interest Down 17.7% in January

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Helios Capital Management PTE. Ltd. grew its holdings in Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after acquiring an additional 2,700 shares during the last quarter. Generali Asset Management SPA SGR boosted its holdings in shares of Spotify Technology by 30.9% during the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares during the period. Ownership Capital B.V. purchased a new stake in shares of Spotify Technology during the third quarter worth about $2,769,000. Cynosure Group LLC bought a new stake in shares of Spotify Technology in the third quarter worth about $2,862,000. Finally, Commonwealth Equity Services LLC increased its holdings in Spotify Technology by 12.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after purchasing an additional 2,032 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock traded up $9.61 during midday trading on Monday, hitting $509.96. 884,302 shares of the company’s stock were exchanged, compared to its average volume of 2,492,846. The company has a market cap of $105.00 billion, a P/E ratio of 80.14, a PEG ratio of 0.96 and a beta of 1.66. The stock has a 50-day moving average price of $558.79 and a two-hundred day moving average price of $636.52. Spotify Technology has a 52-week low of $475.01 and a 52-week high of $785.00.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Citizens Jmp started coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price for the company. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Pivotal Research decreased their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.