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