The Michaels Companies (MIK) has been rated by 8 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $34 and the lowest price target forecast is $28. The average forecast of all the analysts is $31.5 and the expected standard deviation is $2.56.
The Michaels Companies (MIK) encountered a rise of 10% or 452,121 shares in the short positions. The number escalated from 4,514,503 on June 15,2016 to 4,966,624 on June 30,2016. The final interest is 5.4% of the floated stock. The days to cover figure of 4 can be arrived using the average daily exchange of 1,206,415 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.
Also, Major Brokerage house, Goldman Sachs downgrades its ratings on The Michaels Companies (NASDAQ:MIK). In the latest research report, Goldman Sachs maintains the target price to $30 per share. According to the latest information available, the shares are now rated Neutral by the analysts at the agency. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on May 6, 2016.
The Michaels Companies (NASDAQ:MIK): stock turned positive on Thursday. Though the stock opened at $27.21, the bulls momentum made the stock top out at $27.47 level for the day. The stock recorded a low of $26.79 and closed the trading day at $27.19, in the green by 0.22%. The total traded volume for the day was 1,977,330. The stock had closed at $27.13 in the previous days trading.
The Michaels Companies, Inc. is an arts and crafts specialty retailer in North America. The Company owns and operates a chain of retail stores in 49 states and Canada featuring arts, crafts, framing, floral, home decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The Company also operates a vertically integrated custom framing business. The Company provides materials, project ideas and education for creative activities. The Company has approximately 35,000 stock-keeping units (SKUs) in arts, crafts, scrapbooking, floral, framing, home decor, seasonal offerings and childrens hobbies. It has developed an online platform, which promotes social networking, and includes tips, project ideas, marketing content and information on upcoming store events. The Companys subsidiaries include Aaron Brothers, Inc., Artistree of Canada, ULC, and Michaels Stores Procurement Company.