Sothebys (BID) : Traders are negative on Sothebys (BID), as it has 20.1% of short positions outstanding compared to its float. The total shorts have reduced by -1,045,607 shares, which is a -8.3% reduction. From Jul 29, 2016, to August 15, 2016, the shorts came down from,12,603,293 to 11,557,686 shares. While the daily trading volume of the stock is 1,978,061, there are 6 days remaining to cover the open short positions. The short interest indicates that the traders dont see a large downside in the stock from the current levels. The short interest information was released on Wednesday Aug 24th after the market close.
Sothebys (NYSE:BID): The stock opened at $40.73 on Wednesday but the bulls could not build on the opening and the stock topped out at $40.76 for the day. The stock traded down to $40.09 during the day, due to lack of any buying support eventually closed down at $40.20 with a loss of -1.45% for the day. The stock had closed at $40.79 on the previous day. The total traded volume was 665,817 shares.
In a related news, Delaney Kevin M, officer (SVP, Corporate Controller & CA) of Sothebys, unloaded 542 shares at an average price of $34.32 on August 8, 2016. The total amount of the transaction was worth $18,601, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
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.