Spotify Technology S.A. (NYSE:SPOT) Short Interest Down 19.4% in December

Spotify Technology S.A. (NYSE:SPOT) saw a large 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. Based on an average daily trading volume, of 2,440,000 shares, the short-interest ratio is presently 2.8 days. Currently, 4.8% of the shares of the stock are short sold.

Spotify Technology Stock Performance

NYSE:SPOT traded down $7.95 during midday trading on Friday, reaching $482.39. 195,932 shares of the stock traded hands, compared to its average volume of 1,493,843. The business has a 50-day moving average of $465.30 and a two-hundred day moving average of $387.49. Spotify Technology has a 12-month low of $200.81 and a 12-month high of $506.47. The stock has a market capitalization of $96.02 billion, a PE ratio of 131.37 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $4.03 billion. During the same quarter last year, the business posted $0.36 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts anticipate that Spotify Technology will post 5.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Canaccord Genuity Group boosted their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. KeyCorp lifted their price target on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a report on Friday, January 10th. UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $441.21.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. grew its holdings in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after buying an additional 26 shares during the last quarter. West Bancorporation Inc. raised its stake in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the period. Park National Corp OH boosted its position in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after buying an additional 31 shares during the last quarter. Finally, Washington Trust Advisors Inc. increased its holdings in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after buying an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.