Short sellers have added to positions over the past week, while options traders price in elevated risk. The streaming giant reports Tuesday morning with analysts targeting $548 on average.
Short interest stood at 7.19 million shares as of April 23, representing 3.49% of the float. That's up 5.3% over the past week and roughly flat month-over-month. Days to cover sits at 4.1 trading days based on recent volume. Cost to borrow remains benign at 0.56%, down slightly from a week ago but up 16% over the past month. Utilization ticked lower to 3.71% from 4.49% a day earlier, well below the 52-week high of 10%.
Put-call ratio surged to 0.98 on April 24, sharply above the 20-day mean of 0.84. The z-score of 3.76 signals aggressive put buying relative to recent norms. PCR remains within the 52-week range of 0.78 to 1.10, but the one-day spike suggests traders are hedging ahead of the print.
The mean price target of $548 implies 5.8% upside from the current $518 close. Recent moves have been mixed. Keybanc's Justin Patterson raised his target to $745 on April 15, maintaining Overweight. Wells Fargo's Steven Cahall trimmed to $640 from $650 on April 13, keeping Overweight. Barclays' Kannan Venkateshwar cut to $600 from $650 on April 8, also Overweight. Daiwa Capital initiated coverage at Buy with a $535 target on March 26.
The P/E ratio of 31.2 has risen 1.9 points over the past 30 days, tracking the stock's 6.8% monthly gain. EV/EBITDA of 25.2 has compressed 0.8 points in the same span. SPOT ranks in the 83rd percentile on 30-day EPS momentum and 84th on 90-day EPS momentum. The stock scores in the 32nd percentile on forward EPS growth and 13th on EV/EBIT.
Insiders sold $13.2 million net over the past 90 days, all sell-side transactions between Co-CEOs and division heads. Co-founder Sven Lorentzon holds 9.2% of shares, while co-founder Daniel Ek owns 5.8%. BlackRock added 77,000 shares in Q1 to bring its stake to 5.6%. State Street and FMR also added modestly in the quarter.
SPOT last reported on February 10, with shares down 3.5% in the week following that print. The stock closed at $518 on April 24, up 0.4% on the day but down 3.5% over the past week.
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