Zacks Investment Research Lowers PriceSmart Inc. (PSMT) to Strong Sell
PriceSmart Inc. (NASDAQ:PSMT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Thursday.
According to Zacks, “PriceSmart, Inc. is primarily engaged in the operation of membership shopping warehouses in international markets. The company’s business consists of international membership shopping stores similar to, but smaller in size than, warehouse clubs in the United States. The warehouses sell basic consumer goods with an emphasis on quality, low prices and efficient operations. By offering low prices on brand name and private label merchandise, the warehouses seek to generate sufficient sales volumes to operate profitably at relatively low gross margins. “
Separately, Roth Capital set a $95.00 target price on PriceSmart and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $69.33.
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Shares of PriceSmart (NASDAQ:PSMT) opened at 85.61 on Thursday. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 29.24 and a beta of 1.50. The company has a 50-day moving average price of $82.99 and a 200 day moving average price of $84.60. PriceSmart has a 12-month low of $68.51 and a 12-month high of $98.49.
Several large investors have recently added to or reduced their stakes in the company. GW&K Investment Management LLC raised its stake in PriceSmart by 16.6% in the second quarter. GW&K Investment Management LLC now owns 208,295 shares of the company’s stock worth $19,490,000 after buying an additional 29,601 shares in the last quarter. BlackRock Group LTD raised its stake in PriceSmart by 12.5% in the first quarter. BlackRock Group LTD now owns 96,281 shares of the company’s stock worth $8,144,000 after buying an additional 10,703 shares in the last quarter. BlackRock Inc. raised its stake in PriceSmart by 1.4% in the first quarter. BlackRock Inc. now owns 31,743 shares of the company’s stock worth $2,685,000 after buying an additional 431 shares in the last quarter. Swiss National Bank raised its stake in PriceSmart by 1.2% in the second quarter. Swiss National Bank now owns 33,200 shares of the company’s stock worth $3,107,000 after buying an additional 400 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in PriceSmart by 2.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 487,339 shares of the company’s stock worth $41,219,000 after buying an additional 10,942 shares in the last quarter. 72.69% of the stock is currently owned by institutional investors.
PriceSmart, Inc (PriceSmart) business consists primarily of international membership shopping warehouse clubs similar to warehouse clubs in the United States. The Company owns and operates United States-style membership shopping warehouse clubs through wholly owned subsidiaries operating in Latin America and the Caribbean using the trade name PriceSmart.
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