Several popular iOS apps were experiencing outages this morning
Thousands this morning are experiencing crashes from music streaming app Spotify Technology SA (NYSE:SPOT). Spotify, along with several other well-known apps such as Tinder and TikTok, are experiencing outages. And though the reason has yet to be verified, some are pointing to an issue with Facebook's (FB) software development kit (SDK). Spotify is brushing off the glitches for the most part, and is up 0.08% at $275.01 at last check, after nearly reaching yesterday's record high of $279.76.
The shares of Spotify have been in rally mode since mid-April. Though the stock hit a brief snag at the $200 mark, the region was quickly overcome by an impressive bull gap on June 18, sparked by news of Spotify's deal with Kim Kardashian West. Since then, it's been one fresh high after another on the charts, with underlying support at the stock's ascending 10-day moving average.
With a nearly 85% year-to-date lead under its belt, it's no surprise analysts have been showing up with bull notes for SPOT. While the majority of the 19 in coverage call the equity a "buy" or better, there's still room for upgrades, as nine still consider it a "hold" or worse. Plus, the consensus 12-month price target of $214.65 is a 21.8% discount to current levels.
The options pits have also leaned bullish. In the last 10 weeks, 2.6 calls were bought for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 77% of annual readings, suggesting a healthier-than-usual appetite for long calls of late.