• Spotify Stock Analysis: Overbought Technicals, Positive Sentiment but Overpriced Target

  • Nov 8 2024
  • Length: 2 mins
  • Podcast

Spotify Stock Analysis: Overbought Technicals, Positive Sentiment but Overpriced Target

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  • Summary

  • **Spotify (SPOT) Analysis:**

    1. **Current Price and Intraday Trading Range:**
    - The current price of Spotify stock is $402.14. On November 6, 2024, it traded between $396.02 and $399.44.

    2. **Pre-market and After-hours Movement:**
    - No specific pre-market or after-hours data is available in the provided sources.

    3. **Trading Volume vs Average:**
    - The volume on November 5, 2024, was 18,376.00, but no average volume data is provided for comparison.

    4. **Recent News or Announcements:**
    - There are no recent news or announcements in the last 24 hours mentioned in the provided sources.

    5. **Major Analyst Updates or Price Target Changes:**
    - The median target price from 100 analysts is $259.83, with a high estimate of $425.00 and a low estimate of $120.00. There are 83 buy ratings, 17 hold ratings, and 0 sell ratings.

    6. **Options Flow Activity:**
    - No specific options flow activity data is available in the provided sources.

    7. **Related Semiconductor/AI Sector News:**
    - No related news affecting Spotify is mentioned in the provided sources.

    8. **Key Technical Indicators for Day Trading:**
    - The stock has made a double top on the weekly chart, and the RSI has overheated, suggesting potential for a short position with a support target at $348.

    **Market Sentiment:**
    - The consensus rating is a buy, indicating overall positive sentiment among analysts.

    **Key Points:**
    - Current price: $402.14.
    - Intraday trading range: $396.02 to $399.44.
    - Median target price: $259.83.
    - Technical analysis suggests a potential short position with a support target at $348.
    - Overall market sentiment is positive with 83 buy ratings.
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