With the current price of $278.29, the stock of Spotify Technology S.A. (NYSE:SPOT) concluded the trading session seeing its price rise by 9.6 points or at a gain of 3.57% compared to its previous day’s closing price of $268.69. About 1.308 million shares of the stock changed hands on the day. The trading volume of SPOT’s shares during the past session compares with the stock’s average daily trading volume of 2.868 million shares. On the other hand, a float of 132 million shares and a weekly performance of 6.33% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $256.38 for SPOT’s share which suggests that the stock, price of which is currently buoying between $268.76 and $280, is prone to a loss of -7.87%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $€120.12 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Spotify Technology S.A.’s stock is trending downward as short interest in SPOT shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the SPOT is currently comprised of 2.27% of the float. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to shares from the previous figure of shares. Stock’s average intraday volume is now standing at shares which indicate that the days to cover the shorts are nearly.
After concluding the day’s trading, price of Spotify Technology S.A. (NYSE:SPOT) is up $16.57 over the week and it is $16.08 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $299.67 that was attained on 07/22/20.
The stock has traded as low as $109.18 in past 52-week, and its current price is 154.89% above from that 52-week low price mark recorded on 03/16/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 61.92 as 14-days RSI of Spotify Technology S.A. This means that the SPOT is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 80.39%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $282.61 for the SPOT’s share while placing it at a 2nd resistance point of $286.92 to be settled at. But if the stock takes a plunge lower than the 1st support price of $271.37 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $264.44.
MACD oscillator is showing a reading of 6.91 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
UBS lowered its recommendation for SPOT stock from Buy to Sell in a review note dated July 14, and moved the price target down at $189 to $204. The stock gets its recommendation downgraded from Mkt Perform to Underperform from the analysts at Bernstein who assigned a target price of $134 to $172 in their July 06 note to investors.Citigroup analysts started covering the stock with recommendation of Neutral rating on June 30, while suggesting a price target of $270 to it.
The average rating of 2.62 for SPOT is placing the stock in bullish category at the moment. In a poll by Reuters including 28 analysts in it who kept tracking the Spotify Technology S.A., 8 rated the stock as hold. Others were in different opinions for the SPOT. Out of remaining 20 analysts, 14 rated the stock as a buy or strong buy. 6 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that SPOT stock is lagging behind the rear of industry’s average P/S ratio of 44.8. A comparison of Spotify Technology S.A.’s trailing 12-months P/E ratio of 20.8 implies that it is trading above the industry’s average P/E ratio, which currently is 6.2.
Projection by Zacks Consensus Estimates suggests that Spotify Technology S.A. (NYSE:SPOT) will see its current-quarter revenues rise by nearly 13.94% to be increased to about $2370 million. Full-year revenue of the company is however forecasted to be increased by nearly 39.05% to bring $9400 million in revenues against last year revenue of $6760 million. Earnings, after adjustments, are likely to fell by -257.5% to post an EPS of -$0.63, while estimate for company’s full year earnings is -$3.67 per share with a growth rate of 256.31%.