Spotify Technology S.A. (NYSE:SPOT) shares, rose in value on Friday, April 05, with the stock price up by 4.46% to the previous day’s close as strong demand from buyers drove the stock to $309.15.
Actively observing the price movement in the recent trading, the stock is buoying the session at $295.96. The value of beta (5-year monthly) is 1.63. Referring to stock’s 52-week performance, its high was $304.00, and the low was $128.67. On the whole, SPOT has fluctuated by 15.34% over the past month.
With the market capitalization of Spotify Technology S.A. currently standing at about $60.02 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 23, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.78, which is expected to increase to $1.2 for fiscal year $3.98 and then to about $5.83 by fiscal year 2025. Data indicates that the EPS growth is expected to be 283.40% in 2025, while the next year’s EPS growth is forecast to be 46.50%.
Analysts have estimated the company’s revenue for the quarter at $3.91 billion, with a low estimate of $3.86 billion and a high estimate of $3.94 billion. According to the average forecast, sales growth in current quarter could jump up 17.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $16.85 billion, representing an increase of 17.40% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SPOT’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SPOT currently trading nearly 17.16% and 23.92% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 82.72, while the 7-day volatility ratio is showing 3.80% which for the 30-day chart, stands at 2.96%. Furthermore, Spotify Technology S.A. (SPOT)’s beta value is 1.62, and its average true range (ATR) is 9.46.
A comparison of Spotify Technology S.A. (SPOT) with its peers suggests the former has fared considerably weaker in the market. SPOT showed an intraday change of 4.46% in today’s session so far, and over the past year, it grew by 129.20%%.
Data on historical trading for Spotify Technology S.A. (NYSE:SPOT) indicates that the trading volumes over the past 10 days have averaged 1.88 million and over the past 3 months, they’ve averaged 1.93 million. According to company’s latest data on outstanding shares, there are 197.14 million shares outstanding.
Nearly 28.66% of Spotify Technology S.A.’s shares belong to company insiders and institutional investors own 57.69% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 1.78 million shares as on Mar 15, 2024, resulting in a short ratio of 1.02. According to the data, the short interest in Spotify Technology S.A. (SPOT) stood at 0.90% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 1.89 million. The stock has risen by 64.52% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SPOT stock heading into the next quarter.
