Sothebys June 15th Short Interest Update

Sothebys (NYSE:BID) has seen a rise of 1,124,441 shares or 12.3% in the short interest. The remaining shorts are 17.9% of the total floated shares. The net short interest, as on June 15,2016, stood at 10,287,989 shares and the stocks days to cover will be 8 by factoring in the average per day volume of 1,363,380 shares. On May 31,2016, 9,163,548 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.

Sothebys (NYSE:BID): The stock opened at $28.45 on Friday but the bulls could not build on the opening and the stock topped out at $28.45 for the day. The stock traded down to $26.98 during the day, due to lack of any buying support eventually closed down at $27.12 with a loss of -9.15% for the day. The stock had closed at $29.85 on the previous day. The total traded volume was 3,298,521 shares.

The company shares have dropped -39.95% from its 1 Year high price. On Jun 29, 2015, the shares registered one year high at $46.61 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $29.27 and the 200 Day Moving Average price is recorded at $26.21.

Sothebys (NYSE:BID) has tumbled 5.64% during the past week and has dropped 9.45% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 4.07%. Sothebys (NYSE:BID) has underperformed the index by 6.71% in the last 4 weeks. Investors should watch out for further signals and trade with caution.

Sothebys is a global art business company. The Company operates in three segments: Agency, Principal and Finance. The Companys Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process. The Companys Principal segment is engaged in the sale of artworks that have been purchased by Sothebys, including property acquired for sale at auction in the near term in lieu of the Agency segment providing an auction guarantee to a potential consignor. The Companys Finance segment provides certain collectors and art dealers with financing secured by works of art that Sothebys either has in its possession or permits borrowers to possess.

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