PriceSmart, Inc. (NASDAQ:PSMT) Sees Significant Decline in Short Interest

PriceSmart, Inc. (NASDAQ:PSMT) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 844,000 shares, a decline of 11.4% from the June 30th total of 952,400 shares. Approximately 4.3% of the shares of the company are sold short. Based on an average daily volume of 175,000 shares, the days-to-cover ratio is presently 4.8 days.

Several equities analysts have recently issued reports on PSMT shares. Scotiabank raised PriceSmart from a “sector perform” rating to a “sector outperform” rating and set a $61.70 price objective for the company in a report on Wednesday, July 17th. ValuEngine raised PriceSmart from a “sell” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, BidaskClub cut PriceSmart from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th.

Shares of PSMT stock traded up $1.56 on Friday, hitting $58.10. The company had a trading volume of 75,981 shares, compared to its average volume of 161,367. The firm has a market cap of $1.80 billion, a P/E ratio of 23.91 and a beta of 1.02. The company has a 50-day moving average price of $57.89 and a 200-day moving average price of $58.16. The company has a quick ratio of 0.45, a current ratio of 1.28 and a debt-to-equity ratio of 0.09. PriceSmart has a twelve month low of $48.06 and a twelve month high of $88.65.

PriceSmart (NASDAQ:PSMT) last issued its quarterly earnings data on Wednesday, July 10th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.13. The business had revenue of $788.56 million during the quarter, compared to analysts’ expectations of $792.96 million. PriceSmart had a return on equity of 11.19% and a net margin of 2.23%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.61 EPS. Equities research analysts expect that PriceSmart will post 2.56 EPS for the current year.

In other PriceSmart news, Director Robert E. Price sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $56.32, for a total transaction of $563,200.00. Following the sale, the director now owns 4,339,455 shares in the company, valued at approximately $244,398,105.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Frank Ramon Diaz sold 1,000 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $61.68, for a total value of $61,680.00. Following the sale, the executive vice president now owns 10,155 shares in the company, valued at approximately $626,360.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,818 shares of company stock worth $2,388,931. Company insiders own 27.10% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its position in PriceSmart by 3.9% in the 4th quarter. Bank of America Corp DE now owns 94,739 shares of the company’s stock valued at $5,598,000 after purchasing an additional 3,540 shares during the period. Legal & General Group Plc grew its position in PriceSmart by 28.0% in the 4th quarter. Legal & General Group Plc now owns 9,710 shares of the company’s stock valued at $574,000 after purchasing an additional 2,127 shares during the period. Millennium Management LLC acquired a new stake in PriceSmart in the 4th quarter valued at $544,000. Norges Bank acquired a new stake in PriceSmart in the 4th quarter valued at $9,644,000. Finally, Geode Capital Management LLC grew its position in PriceSmart by 10.3% in the 4th quarter. Geode Capital Management LLC now owns 265,966 shares of the company’s stock valued at $15,718,000 after purchasing an additional 24,861 shares during the period. 73.60% of the stock is owned by institutional investors and hedge funds.

PriceSmart Company Profile

PriceSmart, Inc owns and operates U.S. style membership shopping warehouse clubs in Central America, the Caribbean, and Colombia. Its warehouse clubs sells brand name and private label consumer goods to individuals and businesses. As of November 30, 2018, the company operated 41 warehouse clubs comprising 7 each in Colombia and Costa Rica; 5 in Panama; 4 each in Trinidad and Dominican Republic; 3 each in Guatemala and Honduras; 2 each in El Salvador and Nicaragua; and 1 each in Aruba, Barbados, Jamaica, and the United States Virgin Islands.

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