Spotify Technology (NYSE:SPOT) Short Interest Update

Spotify Technology (NYSE:SPOT) saw a significant decrease in short interest during the month of 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. Approximately 3.0% of the company’s stock are sold short. Based on an average daily volume of 2,689,070 shares, the short-interest ratio is currently 2.3 days. Based on an average daily volume of 2,689,070 shares, the short-interest ratio is currently 2.3 days. Approximately 3.0% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its holdings in shares of Spotify Technology by 1.1% during the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock valued at $3,226,364,000 after buying an additional 48,070 shares during the period. Capital World Investors grew its position in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Spotify Technology by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after acquiring an additional 113,612 shares in the last quarter. Coatue Management LLC grew its stake in Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Finally, Swedbank AB grew its position in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after acquiring an additional 444,162 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 7.0%

Shares of SPOT traded down $35.43 during mid-day trading on Tuesday, hitting $473.15. The company had a trading volume of 4,585,819 shares, compared to its average volume of 2,466,092. The stock has a market cap of $97.42 billion, a PE ratio of 74.40, a P/E/G ratio of 0.97 and a beta of 1.66. The business’s 50-day simple moving average is $555.01 and its 200-day simple moving average is $633.47. Spotify Technology has a 1-year low of $464.24 and a 1-year high of $785.00.

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

Analyst Ratings Changes

Several research firms have issued reports on SPOT. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. UBS Group cut their target price 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. Benchmark cut their price target on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Finally, Barclays lowered their price target on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.