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

Spotify Technology S.A. (NYSE:SPOT) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 6,780,000 shares, a decrease of 19.4% from the December 15th total of 8,410,000 shares. Approximately 4.8% of the company’s shares are short sold. Based on an average daily trading volume, of 2,440,000 shares, the short-interest ratio is presently 2.8 days.

Spotify Technology Stock Performance

SPOT traded down $4.27 on Friday, reaching $486.07. The company had a trading volume of 2,021,276 shares, compared to its average volume of 1,296,667. The stock has a market cap of $96.75 billion, a P/E ratio of 132.08 and a beta of 1.62. Spotify Technology has a fifty-two week low of $200.81 and a fifty-two week high of $506.47. The company’s fifty day moving average is $468.82 and its 200 day moving average is $389.39.

Spotify Technology (NYSE:SPOT) last released 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). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. On average, sell-side analysts expect that Spotify Technology will post 5.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler increased their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. TD Cowen boosted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Pivotal Research upped their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted their target price on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $441.21.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the 3rd quarter valued at about $26,000. Benjamin Edwards Inc. boosted its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $33,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Spotify Technology during the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.