EARN25

Call Traders Blast Spotify Stock After Upgrade

Call volume is running at 29 times the intraday average

Deputy Editor
Jun 21, 2023 at 10:22 AM
facebook X logo linkedin


Wolfe Research upgraded Spotify Technology SA (NYSE:SPOT) to "outperform" from "peer perform" this morning, citing price increases and growth in advertising that could helping the streaming staple up its revenue. Comedian Trevor Noah was also announced to be getting his own podcast, exclusive to the streaming platform. In response, SPOT was last seen 3.8% higher at $160.66.

Call volume is running at 29 times the average intraday volume, with 12,000 bullish bets exchanged already today against just 289 puts. New positions are being sold-to-open at the most popular contracts, led by the weekly 6/23 162.50-strike call.

Coming into today, the majority of analysts were already bullish. Of the 23 covering brokerages, 15 rated Spotify stock a "buy" or better, though eight still maintained a tepid "hold" rating.

Right out of the gate, SPOT touched a roughly 15-month high. The 30-day moving average provided upward for much of the year, a time in which Spotify stock has already added 103%.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!