Zacks Investment Research downgraded shares of PriceSmart Inc. (NASDAQ:PSMT) from a hold rating to a strong sell rating in a research note published 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 price objective on PriceSmart and gave the company a buy rating in a research report on Tuesday, October 11th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $69.33.
PriceSmart (NASDAQ:PSMT) opened at 85.85 on Thursday. The firm’s 50-day moving average price is $83.10 and its 200 day moving average price is $84.62. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 29.32 and a beta of 1.50. PriceSmart has a one year low of $68.51 and a one year high of $98.49.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in PriceSmart by 3.0% in the second quarter. Vanguard Group Inc. now owns 1,460,246 shares of the company’s stock valued at $136,635,000 after buying an additional 42,400 shares during the last quarter. Baillie Gifford & Co. raised its position in PriceSmart by 0.8% in the second quarter. Baillie Gifford & Co. now owns 1,401,080 shares of the company’s stock valued at $131,099,000 after buying an additional 10,623 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in PriceSmart by 3.6% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 993,010 shares of the company’s stock valued at $92,916,000 after buying an additional 34,080 shares during the last quarter. Bank of Montreal Can acquired a new position in PriceSmart during the second quarter valued at about $60,005,000. Finally, Dimensional Fund Advisors LP raised its position in PriceSmart by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 592,127 shares of the company’s stock valued at $55,402,000 after buying an additional 24,246 shares during the last quarter. Hedge funds and other institutional investors own 73.23% of the company’s stock.
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.