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 8 extraordinary options activities for Spotify Technology. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 2 are puts, totaling $89,660, and 6 are calls, amounting to $401,415.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $290.0 and $390.0 for Spotify Technology, spanning the last three months.
Volume & Open Interest Trends
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Spotify Technology's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Spotify Technology's substantial trades, within a strike price spectrum from $290.0 to $390.0 over the preceding 30 days.
Spotify Technology Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPOT | CALL | SWEEP | BULLISH | 08/16/24 | $26.0 | $21.8 | $26.0 | $310.00 | $182.0K | 877 | 70 |
| SPOT | CALL | SWEEP | BULLISH | 08/16/24 | $26.0 | $21.9 | $26.0 | $310.00 | $78.0K | 877 | 100 |
| SPOT | CALL | SWEEP | BULLISH | 08/16/24 | $26.5 | $22.3 | $26.5 | $310.00 | $53.0K | 877 | 170 |
| SPOT | PUT | TRADE | BEARISH | 12/18/26 | $51.2 | $48.15 | $51.2 | $290.00 | $51.2K | 177 | 10 |
| SPOT | PUT | SWEEP | BEARISH | 06/20/25 | $67.5 | $64.1 | $64.1 | $370.00 | $38.4K | 18 | 6 |
About Spotify Technology
Spotify, headquartered in Stockholm, Sweden, is one of the world's largest music streaming service providers, with 602 million monthly active users at the end of 2023. The firm monetizes its users through a paid subscription model, referred to as its premium service, and an ad-based model, referred to as its ad-supported service. Revenue from premium and ad-supported services represented 86% and 14% of Spotify's 2023 total revenue, respectively.
After a thorough review of the options trading surrounding Spotify Technology, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Spotify Technology's Current Market Status
- Currently trading with a volume of 308,220, the SPOT's price is up by 0.21%, now at $336.31.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 67 days.
What Analysts Are Saying About Spotify Technology
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $414.8.
- An analyst from Goldman Sachs upgraded its action to Buy with a price target of $425.
- Consistent in their evaluation, an analyst from Benchmark keeps a Buy rating on Spotify Technology with a target price of $430.
- An analyst from Macquarie persists with their Outperform rating on Spotify Technology, maintaining a target price of $395.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Spotify Technology, targeting a price of $425.
- An analyst from Rosenblatt persists with their Buy rating on Spotify Technology, maintaining a target price of $399.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Spotify Technology, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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