Spotify Technology Unusual Options Activity
Portfolio Pulse from Benzinga Insights
Spotify Technology (NYSE:SPOT) has seen significant unusual options activity, indicating a bullish stance by large investors, with a sentiment split of 60% bullish and 40% bearish. The activity includes 10 uncommon trades, with 2 puts and 8 calls, targeting a price range of $257.5 to $300.0. The largest trades include both bullish and bearish sentiments, with the most notable being a bullish call for a strike price of $300.00 expiring on 05/17/24. Spotify, a leading music streaming service, reported 602 million monthly active users and its revenue is mainly from its premium and ad-supported services. The stock is currently up by 4.36% at $273.35, with an RSI indicating it may be approaching overbought. An earnings announcement is expected in 28 days, and an analyst from B of A Securities has a Buy rating with a target price of $315.
March 26, 2024 | 5:45 pm
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Spotify Technology has experienced unusual options activity, indicating a bullish sentiment among large investors. The stock is currently up, with an RSI that may suggest it is approaching overbought territory. An earnings announcement is expected soon, and it has a Buy rating from B of A Securities with a target price of $315.
The unusual options activity, particularly the bullish sentiment and the significant volume of calls, suggests investor confidence in Spotify's future performance. The stock's current uptrend and the upcoming earnings announcement further support a positive short-term outlook. The analyst rating from B of A Securities reinforces this bullish sentiment, indicating a potential for the stock to reach or exceed the target price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100