Short Interest in Spotify Technology S.A. (NYSE:SPOT) Drops By 19.4%

Spotify Technology S.A. (NYSE:SPOT) saw a large decline in short interest in January. As of January 15th, there was short interest totalling 6,780,000 shares, a decline of 19.4% from the December 31st total of 8,410,000 shares. Currently, 4.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,440,000 shares, the days-to-cover ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter worth $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Quent Capital LLC increased its holdings in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $40,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 1.8 %

NYSE:SPOT opened at $540.11 on Thursday. The firm has a market capitalization of $107.51 billion, a PE ratio of 146.77 and a beta of 1.62. Spotify Technology has a 1 year low of $213.31 and a 1 year high of $543.86. The firm’s fifty day simple moving average is $476.28 and its 200 day simple moving average is $400.01.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 5.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPOT. Macquarie raised their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. KeyCorp increased their price objective on Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Canaccord Genuity Group boosted their target price on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $446.21.

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.