Spotify Technology Unusual Options Activity
Portfolio Pulse from Benzinga Insights
Spotify Technology (NYSE:SPOT) has seen significant options trading activity, with a bearish sentiment prevailing among financial giants. Analysis of 63 unusual trades shows 52% bearish and 34% bullish tendencies, with puts valued at $2,959,985 and calls at $1,728,922. Whales target a price range of $180 to $370 for SPOT. The largest trades include both bearish and neutral sentiments, with notable trades for calls and puts. Spotify, with 602 million monthly active users, derives 86% of its revenue from its premium service. SPOT's stock is down by -1.96% at $270.42, with an earnings announcement expected in 1 day. Analysts have an average target price of $317 for SPOT, with ratings ranging from Buy to Hold.
April 22, 2024 | 4:31 pm
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NEUTRAL IMPACT
Spotify Technology sees bearish options activity with a significant volume of puts over calls, indicating a bearish sentiment among traders. Despite this, analysts maintain positive ratings with an average target price of $317. The stock is currently down by -1.96% at $270.42, with an earnings announcement expected soon.
The bearish options activity suggests short-term pressure on SPOT's stock price, but the strong analyst ratings and upcoming earnings announcement could mitigate this impact. The mixed sentiment among traders and analysts, along with the stock's current performance and the anticipation of earnings, makes the short-term outlook neutral.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100