Analyst Rating Update on Sothebys (BID)

Sothebys (NYSE:BID) : The consensus on Sothebys (NYSE:BID) based on 2 analyst recommendation on the company stock is 3, which is interpreted as a Hold recommendation. Zacks Investment Research has issued a rank of 5 which endorses a Strong Sell on the stock. However, 2 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating.

Company shares have received an average consensus rating of Hold for the current week Also, Equity analysts at the Brokerage firm Standpoint Research downgrades its rating on Sothebys (NYSE:BID). The rating major has initiated the coverage with hold rating on the shares. Earlier, the shares were rated a Buy by the brokerage firm. The rating by the firm was issued on April 14, 2016.

Sothebys (NYSE:BID): stock turned positive on Tuesday. Though the stock opened at $26.52, the bulls momentum made the stock top out at $27.08 level for the day. The stock recorded a low of $26.41 and closed the trading day at $26.84, in the green by 2.56%. The total traded volume for the day was 1,439,888. The stock had closed at $26.17 in the previous days trading.

In an insider trading activity, De Sole Domenico, director of Sothebys had purchased 6,620 shares on June 2, 2016 in a transaction. The price per share was $30.29 and the total amount of the disclosed transaction was $200,520.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.

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.

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