Spotify Technology SA (NYSE:SPOT) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 6,054,800 shares, a decrease of 11.5% from the June 30th total of 6,843,100 shares. Currently, 5.9% of the company’s shares are short sold. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is presently 4.0 days.
SPOT has been the subject of a number of recent analyst reports. Morgan Stanley increased their target price on shares of Spotify Technology from $170.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Goldman Sachs Group reaffirmed a “buy” rating and set a $170.00 price objective on shares of Spotify Technology in a research report on Tuesday, April 30th. Stifel Nicolaus raised their price objective on shares of Spotify Technology from $170.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Raymond James raised their price objective on shares of Spotify Technology from $172.00 to $180.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Finally, ValuEngine raised shares of Spotify Technology from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Spotify Technology currently has an average rating of “Buy” and an average price target of $170.25.
Shares of SPOT stock traded down $1.21 during trading hours on Thursday, hitting $145.94. 44,529 shares of the company were exchanged, compared to its average volume of 1,420,208. The stock has a market capitalization of $27.32 billion, a price-to-earnings ratio of -243.12 and a beta of 1.85. Spotify Technology has a fifty-two week low of $103.29 and a fifty-two week high of $196.95. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.76 and a current ratio of 0.76. The company’s 50 day simple moving average is $149.93.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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