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

Spotify Technology S.A. (NYSE:SPOT) was the recipient of a significant decrease in short interest during 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 trading volume of 2,440,000 shares, the days-to-cover ratio is presently 2.8 days. Approximately 4.8% of the shares of the stock are sold short.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Aigen Investment Management LP lifted its position in Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Pathway Capital Management LP lifted its holdings in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd lifted its holdings in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Covenant Asset Management LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $3,364,000. Finally, Jag Capital Management LLC bought a new stake in Spotify Technology during the third quarter worth $13,569,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. KeyCorp boosted their price objective on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, January 10th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Morgan Stanley upped their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Trading Down 0.9 %

NYSE SPOT traded down $4.27 on Friday, hitting $486.07. 2,021,276 shares of the company were exchanged, compared to its average volume of 1,296,667. The company has a market cap of $96.75 billion, a PE ratio of 132.08 and a beta of 1.62. The stock has a fifty day moving average of $468.82 and a 200-day moving average of $389.39. Spotify Technology has a 12 month low of $200.81 and a 12 month high of $506.47.

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

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.