Deep-pocketed investors have adopted a bullish approach towards Spotify Technology ( SPOT ) , and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SPOT usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 40 extraordinary options activities for Spotify Technology ( SPOT ). This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 55% leaning bullish and 27% bearish. Among these notable options, 6 are puts, totaling $417,096, and 34 are calls, amounting to $1,952,939.
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $375.0 and $630.0 for Spotify Technology ( SPOT ), spanning the last three months.
In today's trading context, the average open interest for options of Spotify Technology ( SPOT ) stands at 492.67, with a total volume reaching 8,971.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Spotify Technology ( SPOT ), situated within the strike price corridor from $375.0 to $630.0, throughout the last 30 days.
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPOT | CALL | TRADE | BULLISH | 527 | 232 | ||||||
| SPOT | CALL | TRADE | BULLISH | 0 | 23 | ||||||
| SPOT | CALL | TRADE | BULLISH | 769 | 36 | ||||||
| SPOT | CALL | TRADE | BEARISH | 32 | 27 | ||||||
| SPOT | CALL | SWEEP | NEUTRAL | 435 | 141 |
Spotify ( SPOT ) is the leading global music streaming service provider, with over 600 million monthly active users and 250 million paying subscribers, with the latter comprising the firm's premium segment. most of the firm's revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a very comprehensive music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also sells separate audiobook subscriptions and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.
After a thorough review of the options trading surrounding Spotify Technology ( SPOT ), we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Trading volume stands at 3,509,582, with SPOT's price up by 7.43%, positioned at $450.54.
RSI indicators show the stock to be may be overbought.
Earnings announcement expected in 83 days.
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $458.6.
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* An analyst from Phillip Securities downgraded its action to Accumulate with a price target of $485.
* Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Spotify Technology ( SPOT ) with a target price of $470.
* Consistent in their evaluation, an analyst from Rosenblatt keeps a Buy rating on Spotify Technology ( SPOT ) with a target price of $438.
* Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Spotify Technology ( SPOT ) with a target price of $460.
* An analyst from Benchmark persists with their Buy rating on Spotify Technology ( SPOT ), maintaining a target price of $440.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Spotify Technology ( SPOT ) with Benzinga Pro for real-time alerts.
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