The Michaels Companies (MIK) has been under a strong bear grip, hence the stock is down -8.98% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 1.3% in the past 1 week. The stock has risen by 1.23% in the past week indicating that the buyers are active at lower levels, but the stock is down -5.92% in the past 4 weeks.
The stock has recorded a 20-day Moving Average of 3.53% and the 50-Day Moving Average is 4.78%. The Michaels Companies, Inc. has dropped 7.28% during the last 3-month period . Year-to-Date the stock performance stands at 19.22%.
The Michaels Companies (NASDAQ:MIK): stock turned positive on Friday. Though the stock opened at $26.41, the bulls momentum made the stock top out at $26.5435 level for the day. The stock recorded a low of $26 and closed the trading day at $26.36, in the green by 0.08%. The total traded volume for the day was 2,708,366. The stock had closed at $26.34 in the previous days trading.
Also, Brokerage firm JP Morgan downgrades its rating on The Michaels Companies (NASDAQ:MIK). The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by the firm was issued on July 28, 2016.
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.