Online California-based brokerage Buyins.net has begun coverage of publicly-traded Private Media Group.
The company’s action today, comes after it released Private Media’s short sale data from January 2005 to April 2006 showing that 22.2 million aggregate shares of the company’s stock were traded during the period for a total value of $71.4 million.
The total aggregate number of shares shorted during the period were 4.04 million shares.
A short sale means the sale of stock loaned to an investor by a brokerage firm or dealer. A short seller believes that a stock’s price will drop thus he sells it in order to buy it later at a lower price to make a profit.
Buyins.net’s so-called SqueezeTrigger service, which outlines the estimated price for selling a stock short, is giving Private’s short sale price of $3.32 a share.
The stock was trading this morning on the NASDAQ exchange at $3.90 per share, with a 52-week high of $5.55, reached on March 27, and a 52-week low of $1.87, reached on Oct. 3.
Spain-based Private Media produces and distributes adult movies and publications and other related products around the world.
