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

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

Wall Street Analyst Weigh In

SPOT has been the subject of several analyst reports. Benchmark reiterated a "buy" rating and issued a $520.00 price objective on shares of Spotify Technology in a research note on Thursday. Wells Fargo & Company boosted their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Phillip Securities reaffirmed an "accumulate" rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Spotify Technology from $490.00 to $550.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, Canaccord Genuity Group increased their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the company a "buy" rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $441.21.

Spotify Technology Stock Down 0.1 %

SPOT traded down $0.61 during trading on Thursday, reaching $490.08. 1,376,281 shares of the company were exchanged, compared to its average volume of 1,632,858. Spotify Technology has a 12-month low of $191.88 and a 12-month high of $506.47. The company's 50-day moving average is $465.30 and its two-hundred day moving average is $387.49. The company has a market cap of $97.55 billion, a price-to-earnings ratio of 133.17 and a beta of 1.62.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 earnings per share. Equities analysts forecast that Spotify Technology will post 5.96 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the business. Aigen Investment Management LP grew its holdings in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock worth $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Pathway Capital Management LP grew its stake in Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock worth $21,132,000 after buying an additional 11,042 shares in the last quarter. Perpetual Ltd increased its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after buying an additional 148,431 shares during the last quarter. Covenant Asset Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $3,364,000. Finally, Jag Capital Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $13,569,000. 84.09% of the stock is currently owned by institutional investors.

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.