Sothebys (NYSE:BID) Sees Significant Growth in Short Interest

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Sothebys (NYSE:BID) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 9,741,600 shares, a growth of 28.1% from the April 30th total of 7,602,300 shares. Currently, 21.3% of the company’s shares are short sold. Based on an average daily trading volume, of 453,300 shares, the days-to-cover ratio is presently 21.5 days.

Several hedge funds and other institutional investors have recently modified their holdings of BID. First Trust Advisors LP increased its holdings in Sothebys by 41.8% during the 1st quarter. First Trust Advisors LP now owns 27,459 shares of the specialty retailer’s stock worth $1,037,000 after purchasing an additional 8,088 shares in the last quarter. Marshall Wace North America L.P. grew its holdings in shares of Sothebys by 17.8% in the 1st quarter. Marshall Wace North America L.P. now owns 41,758 shares of the specialty retailer’s stock valued at $1,575,000 after acquiring an additional 6,314 shares in the last quarter. State of Wisconsin Investment Board grew its holdings in shares of Sothebys by 46.9% in the 1st quarter. State of Wisconsin Investment Board now owns 443,695 shares of the specialty retailer’s stock valued at $16,749,000 after acquiring an additional 141,740 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Sothebys in the 1st quarter valued at about $203,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Sothebys by 34.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,048 shares of the specialty retailer’s stock valued at $40,000 after acquiring an additional 271 shares in the last quarter.

Shares of NYSE BID traded down $0.21 during mid-day trading on Thursday, reaching $56.49. The company had a trading volume of 33,645 shares, compared to its average volume of 1,169,567. The company has a quick ratio of 1.11, a current ratio of 1.16 and a debt-to-equity ratio of 2.61. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 22.78 and a beta of 1.46. Sothebys has a 1-year low of $32.01 and a 1-year high of $59.88.

Sothebys (NYSE:BID) last issued its earnings results on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.09. The business had revenue of $173.50 million for the quarter, compared to analysts’ expectations of $173.62 million. Sothebys had a return on equity of 24.25% and a net margin of 10.66%. The company’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.09 EPS. As a group, analysts anticipate that Sothebys will post 2.63 earnings per share for the current year.

Several equities analysts recently weighed in on BID shares. Zacks Investment Research upgraded Sothebys from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Wednesday, April 10th. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a research report on Monday. Berenberg Bank reiterated a “hold” rating and set a $39.00 target price on shares of Sothebys in a research report on Monday, March 4th. TheStreet upgraded Sothebys from a “c” rating to a “b-” rating in a report on Wednesday, March 20th. Finally, Susquehanna Bancshares restated a “hold” rating on shares of Sothebys in a research note on Thursday, February 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $48.75.

About Sothebys

Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.

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