Spotify Technology SA is a digital platform that provides music streaming services to music enthusiasts who can access a wide variety of songs from diverse genres and artists. The company operates through two main segments: the Premium segment, which delivers ad-free and high-quality music to its subscribers, and the Ad-Supported segment, which generates revenue from advertisements played along with the music to its users.
Spotify stock has a CMP of $156.35 and an intraday gain of 1.49% (press time). The SPOT stock has a float of 1128.068 Million shares and a market cap of $29.743 Billion. The Spotify stock’s current volume is 1.206 million and the last 10 days’ average volume is 1.506 Million.
Spotify’s latest quarterly balance sheet for the quarter ending June 2023 reported $7.98 Billion in total assets and $5.74 Billion in total liabilities.
The latest quarterly report for the period ending June 2023 showed a revenue of $3.46 Billion, a net income of -$328.68 Million, and a profit margin of -9.51%. The next quarter’s revenue is estimated to be $3.538 Billion.
SPOT Stock Price Technical Analysis in 1-D Timeframe
SPOT stock has shown declining performance in the last three years from a high of $387 by making lower lows and highs and reaching a bottom at $69. Afterward, SPOT stock rebounded from the $69 level, displayed a positive performance on year-to-date growth of 90.95% and a modest six-month increase of 21.44%. However, the long dominating trendline is in the way, it also experienced a performance decline of -0.21% this week.
Spotify Technology SA. (NYSE: SPOT) stock is now trading at $156.35 and may slide further if the bearish sentiment persists. The SPOT stock could extend its decline if it breaks the $140 support level which may open the door for a drop to $128.
On the other hand, if the SPOT stock bounces back with strong buying momentum and succeeds in breaking the strongly dominant trendline for years, it may reclaim the $165 resistance level which may spark a rally to $179 or higher.
SPOT stock does not offer any amount of dividends to its shareholders and SPOT has never done the same in the past as well. It seems unlikely that Spotify will pay any dividends in the future either.
This highlights that the shareholders do not get any kind of regular income from the SPOT stock and this might reduce the attractiveness of the stock for many investors out there in the market.
At the time of publishing, the major EMAs are managing barely to keep up with falling Spotify Technology SA stock price, if more sellers push the market, it might knock out supporting EMAs as well. MACD shows a bearish cross on the charts while the RSI is at 23, facing rejection from 14 SMA.
The stock ratings for Spotify stock are positive and recommended by 33 analysts who have evaluated it in the last three months. The 1-year price forecasts for Spotify stock by 29 analysts range from $105 to $245, with a potential for growth.
Spotify Technology SA. (NYSE: SPOT) stock has declined over the past three years following a downward trendline which is dominating the SPOT price. The price is trading at $156.35 and may drop to $128 if it breaks the $140 support. Alternatively, the price may rally to $179 or higher, if it recovers the $140 resistance. The technical indicators are bearish for the SPOT stock.
Support Levels: $140 and $128
Resistance Levels: $165 and $179
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