Deep-pocketed investors have adopted a bearish 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 9 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 22% leaning bullish and 44% bearish. Among these notable options, 3 are puts, totaling $224,720, and 6 are calls, amounting to $271,757.
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 $280.0 and $310.0 for Spotify Technology, spanning the last three months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Spotify Technology's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Spotify Technology's whale trades within a strike price range from $280.0 to $310.0 in the last 30 days.
Spotify Technology 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPOT | PUT | TRADE | BEARISH | 05/17/24 | $8.9 | $7.55 | $8.4 | $285.00 | $132.7K | 94 | 23 |
| SPOT | CALL | TRADE | NEUTRAL | 06/21/24 | $8.3 | $7.05 | $7.61 | $310.00 | $73.8K | 1.7K | 5 |
| SPOT | CALL | TRADE | BULLISH | 05/17/24 | $15.4 | $14.6 | $15.4 | $280.00 | $72.3K | 359 | 0 |
| SPOT | PUT | TRADE | BULLISH | 05/03/24 | $3.6 | $3.3 | $3.3 | $280.00 | $66.0K | 537 | 16 |
| SPOT | CALL | TRADE | BEARISH | 06/21/24 | $22.1 | $20.95 | $20.95 | $280.00 | $41.9K | 433 | 15 |
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.
Current Position of Spotify Technology
- With a trading volume of 167,191, the price of SPOT is down by -0.67%, reaching $287.08.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 88 days from now.
What The Experts Say On Spotify Technology
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $338.0.
- Maintaining their stance, an analyst from Guggenheim continues to hold a Buy rating for Spotify Technology, targeting a price of $350.
- An analyst from Loop Capital persists with their Hold rating on Spotify Technology, maintaining a target price of $300.
- Consistent in their evaluation, an analyst from Pivotal Research keeps a Buy rating on Spotify Technology with a target price of $400.
- An analyst from Loop Capital persists with their Hold rating on Spotify Technology, maintaining a target price of $250.
- Consistent in their evaluation, an analyst from Pivotal Research keeps a Buy rating on Spotify Technology with a target price of $390.
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.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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