Spotify Technology S.A. (NYSE:SPOT) Sees Significant Increase in Short Interest

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 2,180,000 shares, an increase of 32.9% from the March 31st total of 1,640,000 shares. Based on an average daily volume of 2,260,000 shares, the short-interest ratio is presently 1.0 days. Currently, 1.6% of the company's stock are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SPOT. Exchange Traded Concepts LLC boosted its holdings in shares of Spotify Technology by 122.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company's stock worth $1,205,000 after purchasing an additional 4,283 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Spotify Technology by 87.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company's stock valued at $7,702,000 after buying an additional 23,272 shares during the period. Handelsbanken Fonder AB raised its position in shares of Spotify Technology by 0.9% during the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company's stock valued at $3,939,000 after buying an additional 236 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Spotify Technology by 6.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,315 shares of the company's stock valued at $358,000 after buying an additional 143 shares during the period. Finally, Xponance Inc. raised its position in shares of Spotify Technology by 2.4% during the 3rd quarter. Xponance Inc. now owns 19,908 shares of the company's stock valued at $3,079,000 after buying an additional 473 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT stock traded up $0.57 during trading on Friday, hitting $289.59. The stock had a trading volume of 2,477,228 shares, compared to its average volume of 3,137,877. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The stock has a market capitalization of $57.43 billion, a P/E ratio of -432.22 and a beta of 1.63. The company's 50-day moving average price is $271.48 and its two-hundred day moving average price is $219.53.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to analysts' expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the previous year, the firm posted ($1.24) EPS. As a group, sell-side analysts expect that Spotify Technology will post 4.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Rosenblatt Securities increased their price objective on Spotify Technology from $315.00 to $396.00 and gave the company a "buy" rating in a report on Wednesday. KeyCorp raised their target price on Spotify Technology from $300.00 to $350.00 and gave the stock an "overweight" rating in a research note on Friday, April 12th. Canaccord Genuity Group raised their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a "buy" rating in a research note on Monday, April 22nd. Loop Capital raised their target price on Spotify Technology from $165.00 to $250.00 and gave the stock a "hold" rating in a research note on Monday, April 22nd. Finally, Piper Sandler restated a "neutral" rating and issued a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $301.81.

Spotify Technology Company Profile

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.