Stock Traders Purchase Large Volume of Call Options on Sothebys (BID)

Sothebys (NYSE:BID) was the target of unusually large options trading activity on Monday. Traders bought 1,098 call options on the company. This represents an increase of 637% compared to the average daily volume of 149 call options.

A number of equities research analysts have commented on BID shares. Zacks Investment Research upgraded shares of Sothebys from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Monday, February 5th. Aegis started coverage on shares of Sothebys in a report on Monday, October 30th. They issued a “buy” rating and a $60.00 price target for the company. Finally, TheStreet cut shares of Sothebys from a “b” rating to a “c+” rating in a report on Monday, November 6th. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $59.25.

Several hedge funds and other institutional investors have recently modified their holdings of BID. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Sothebys by 77.0% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,500,000 shares of the specialty retailer’s stock worth $69,165,000 after purchasing an additional 652,600 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Sothebys by 103.7% during the fourth quarter. Bank of New York Mellon Corp now owns 950,945 shares of the specialty retailer’s stock worth $49,069,000 after purchasing an additional 484,141 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Sothebys by 57.8% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,273,438 shares of the specialty retailer’s stock worth $65,709,000 after purchasing an additional 466,195 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Sothebys by 42.2% during the third quarter. Victory Capital Management Inc. now owns 1,270,757 shares of the specialty retailer’s stock worth $58,595,000 after purchasing an additional 377,050 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Sothebys by 9.9% during the second quarter. Vanguard Group Inc. now owns 3,974,106 shares of the specialty retailer’s stock worth $213,290,000 after purchasing an additional 356,603 shares during the last quarter. Hedge funds and other institutional investors own 92.91% of the company’s stock.

Shares of Sothebys (NYSE:BID) traded up $1.18 during midday trading on Wednesday, hitting $47.44. 380,827 shares of the stock were exchanged, compared to its average volume of 351,011. The firm has a market capitalization of $2,490.00, a PE ratio of 23.96 and a beta of 1.81. Sothebys has a 52-week low of $39.42 and a 52-week high of $57.95. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.73 and a quick ratio of 1.62.

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Sothebys Company Profile

Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.

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