Market Whales and Their Recent Bets on SPOT Options

Author: Benzinga Insights | July 29, 2024 02:02pm

Whales with a lot of money to spend have taken a noticeably bullish stance on Spotify Technology.

Looking at options history for Spotify Technology (NYSE:SPOT) we detected 15 trades.

If we consider the specifics of each trade, it is accurate to state that 46% of the investors opened trades with bullish expectations and 46% with bearish.

From the overall spotted trades, 6 are puts, for a total amount of $505,905 and 9, calls, for a total amount of $480,831.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $360.0 for Spotify Technology over the recent three months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $200.0 to $360.0 in the last 30 days.

Spotify Technology Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
SPOT	CALL	SWEEP	BEARISH	08/16/24	$7.2	$7.05	$7.19	$330.00	$107.9K	2.2K	669
SPOT	PUT	SWEEP	BULLISH	09/20/24	$15.4	$15.0	$15.0	$320.00	$105.0K	452	35
SPOT	PUT	TRADE	BULLISH	09/20/24	$20.65	$20.55	$20.55	$330.00	$100.6K	412	54
SPOT	CALL	TRADE	BEARISH	08/16/24	$7.1	$6.85	$6.85	$330.00	$97.2K	2.2K	369
SPOT	PUT	TRADE	BULLISH	01/16/26	$14.3	$12.4	$12.4	$200.00	$93.0K	527	135

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.

Following our analysis of the options activities associated with Spotify Technology, we pivot to a closer look at the company's own performance.

Where Is Spotify Technology Standing Right Now?

• Trading volume stands at 679,596, with SPOT's price up by 0.35%, positioned at $323.0.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 85 days.

What The Experts Say On Spotify Technology

5 market experts have recently issued ratings for this stock, with a consensus target price of $364.0.

• An analyst from Redburn Atlantic downgraded its action to Sell with a price target of $230.
• Consistent in their evaluation, an analyst from TD Cowen keeps a Hold rating on Spotify Technology with a target price of $356.
• 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.
• Maintaining their stance, an analyst from Keybanc continues to hold a Overweight rating for Spotify Technology, targeting a price of $410.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Spotify Technology options trades with real-time alerts from Benzinga Pro.

Posted In: SPOT