The Michaels Companies (MIK) has 3,091,004 shares of shorts outstanding as on August 15, 2016, with 3 days left to cover or roll them over. On Jul 29, 2016, the open interest of short positions was 3,649,989 shares. The stock has a decent trading volume of 926,012 shares daily. The marginal decrease in the short positions is by -15.3%, which amounts to -558,985 shares. Short positions are 3% of the available float. The short interest information was released on Wednesday Aug 24th after the market close.
The Michaels Companies (NASDAQ:MIK): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $25.83 and $25.79 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $26.30. The buying momentum continued till the end and the stock did not give up its gains. It closed at $26.19, notching a gain of 1.20% for the day. The total traded volume was 1,215,810 . The stock had closed at $25.88 on the previous day.
In a related news, The officer (EVP-Category Management), of Michaels Companies, Inc., Pappas Philo had unloaded 1,756 shares at $25.48 per share in a transaction on August 16, 2016. The total value of transaction was $44,743. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.
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.