Spotify Technology S.A. (NYSE:SPOT) Short Interest Up 32.9% in April

Spotify Technology S.A. (NYSE:SPOT) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 2,180,000 shares, a growth of 32.9% from the March 31st total of 1,640,000 shares. Currently, 1.6% of the company’s shares are sold short. Based on an average daily trading volume, of 2,260,000 shares, the days-to-cover ratio is currently 1.0 days.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Exchange Traded Concepts LLC raised its holdings in shares of Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after buying an additional 4,283 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Spotify Technology by 87.7% during the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after purchasing an additional 23,272 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in Spotify Technology by 0.9% in the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after purchasing an additional 236 shares during the period. Harbor Capital Advisors Inc. grew its position in Spotify Technology by 6.6% in 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 in the last quarter. Finally, Xponance Inc. grew its position in Spotify Technology by 2.4% in 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 in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 0.2 %

NYSE SPOT traded up $0.57 on Friday, hitting $289.59. 2,477,228 shares of the stock traded hands, compared to its average volume of 3,137,877. The company has a market capitalization of $57.43 billion, a P/E ratio of -432.22 and a beta of 1.63. The stock has a 50-day moving average of $271.48 and a 200 day moving average of $219.09. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30.

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

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley raised their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Benchmark increased their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday. KeyCorp lifted their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, The Goldman Sachs Group increased their price target on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $301.81.

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.