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Starbucks (NASDAQ:SBUX) was the target of a significant drop in short interest in August. As of August 15th, there was short interest totalling 7,556,135 shares, a drop of 20.0% from the July 31st total of 9,447,419 shares, American Banking News reports. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,330,428 shares, the days-to-cover ratio is currently 2.3 days.

A number of analysts have recently weighed in on SBUX shares. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Starbucks in a research note on Monday, August 4th. They now have a $91.00 price target on the stock, up previously from $84.00. Separately, analysts at Williams Capital raised their price target on shares of Starbucks from $94.00 to $98.00 in a research note on Thursday, July 31st. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Starbucks in a research note on Monday, July 28th. They now have a $83.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nineteen have issued a buy rating to the company’s stock. Starbucks presently has a consensus rating of “Buy” and a consensus price target of $88.67.

Shares of Starbucks (NASDAQ:SBUX) opened at 77.48 on Wednesday. Starbucks has a 52 week low of $67.93 and a 52 week high of $82.50. The stock has a 50-day moving average of $77.87 and a 200-day moving average of $74.57. The company has a market cap of $58.203 billion and a price-to-earnings ratio of 239.42.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.67 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.66 by $0.01. The company had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Analysts expect that Starbucks will post $2.68 EPS for the current fiscal year.

Starbucks Corporation is a roaster, marketer and retailer of coffee operating in 60 countries. The Company purchases and roasts coffees that it sells, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through Company-operated stores.

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