Short Interest in PriceSmart, Inc. (NASDAQ:PSMT) Drops By 8.9%

PriceSmart, Inc. (NASDAQ:PSMT) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 769,300 shares, a drop of 8.9% from the July 31st total of 844,000 shares. Based on an average daily trading volume, of 170,600 shares, the short-interest ratio is presently 4.5 days. Approximately 3.9% of the shares of the stock are sold short.

A number of analysts recently weighed in on the stock. ValuEngine upgraded shares of PriceSmart from a “sell” rating to a “hold” rating in a report on Tuesday, August 6th. BidaskClub upgraded shares of PriceSmart from a “sell” rating to a “hold” rating in a report on Saturday, August 24th. Finally, Scotiabank upgraded shares of PriceSmart from a “sector perform” rating to a “sector outperform” rating and set a $61.70 target price for the company in a report on Wednesday, July 17th.

Shares of NASDAQ:PSMT traded up $0.51 during mid-day trading on Friday, hitting $65.13. The stock had a trading volume of 84,000 shares, compared to its average volume of 155,308. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.45 and a current ratio of 1.28. The company has a market cap of $1.95 billion, a PE ratio of 26.80 and a beta of 0.98. PriceSmart has a 12-month low of $48.06 and a 12-month high of $88.00. The company’s 50 day moving average is $59.53 and its 200-day moving average is $57.99.

PriceSmart (NASDAQ:PSMT) last issued its quarterly earnings results on Wednesday, July 10th. The company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.13. The business had revenue of $788.56 million during the quarter, compared to the consensus estimate of $792.96 million. PriceSmart had a net margin of 2.23% and a return on equity of 11.19%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.61 EPS.

In related news, EVP Frank Ramon Diaz sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $61.68, for a total transaction of $61,680.00. Following the completion of the sale, the executive vice president now directly owns 10,155 shares in the company, valued at $626,360.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Philanthropies Foundatio Price sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $51.04, for a total transaction of $510,400.00. Following the sale, the insider now owns 4,368,455 shares of the company’s stock, valued at $222,965,943.20. The disclosure for this sale can be found here. Insiders have sold 51,818 shares of company stock valued at $2,975,331 over the last 90 days. 27.10% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. Atria Investments LLC lifted its position in shares of PriceSmart by 18.0% in the 2nd quarter. Atria Investments LLC now owns 5,888 shares of the company’s stock valued at $342,000 after acquiring an additional 897 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in PriceSmart in the 2nd quarter worth approximately $2,628,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in PriceSmart by 3.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,719,420 shares of the company’s stock worth $190,138,000 after buying an additional 116,254 shares in the last quarter. HM Payson & Co. purchased a new stake in PriceSmart in the 2nd quarter worth approximately $166,000. Finally, Private Capital Group LLC lifted its position in PriceSmart by 142.5% in the 2nd quarter. Private Capital Group LLC now owns 308 shares of the company’s stock worth $28,000 after buying an additional 181 shares in the last quarter. Institutional investors and hedge funds own 72.50% of the company’s stock.

PriceSmart Company Profile

PriceSmart, Inc owns and operates U.S. style membership shopping warehouse clubs in Central America, the Caribbean, and Colombia. Its warehouse clubs sells brand name and private label consumer goods to individuals and businesses. As of November 30, 2018, the company operated 41 warehouse clubs comprising 7 each in Colombia and Costa Rica; 5 in Panama; 4 each in Trinidad and Dominican Republic; 3 each in Guatemala and Honduras; 2 each in El Salvador and Nicaragua; and 1 each in Aruba, Barbados, Jamaica, and the United States Virgin Islands.

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