Choice Hotels Net Worth
Choice Hotels Net Worth Breakdown | CHH |
Choice Hotels Net Worth Analysis
Choice Hotels' net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Choice Hotels' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Choice Hotels' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Choice Hotels' net worth analysis. One common approach is to calculate Choice Hotels' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Choice Hotels' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Choice Hotels' net worth. This approach calculates the present value of Choice Hotels' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Choice Hotels' cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Choice Hotels' net worth. This involves comparing Choice Hotels' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Choice Hotels' net worth relative to its peers.
Enterprise Value |
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To determine if Choice Hotels is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Choice Hotels' net worth research are outlined below:
Choice Hotels Intern generated a negative expected return over the last 90 days | |
About 66.0% of the company shares are held by institutions such as insurance companies | |
Latest headline from zacks.com: MillerKnoll to Report Q3 Earnings Whats in Store for the Stock |
Choice Hotels Quarterly Good Will |
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Choice Hotels uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Choice Hotels International. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Choice Hotels' previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
21st of February 2024 Upcoming Quarterly Report | View | |
14th of May 2024 Next Financial Report | View | |
31st of December 2023 Next Fiscal Quarter End | View | |
21st of February 2024 Next Fiscal Year End | View | |
30th of September 2023 Last Quarter Report | View | |
31st of December 2022 Last Financial Announcement | View |
Choice Hotels Target Price Consensus
Choice target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Choice Hotels' target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
17 | Hold |
Most Choice analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Choice stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Choice Hotels Intern, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationChoice Hotels Target Price Projection
Choice Hotels' current and average target prices are 131.47 and 134.45, respectively. The current price of Choice Hotels is the price at which Choice Hotels International is currently trading. On the other hand, Choice Hotels' target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Choice Hotels Market Quote on 25th of March 2025
Target Price
Analyst Consensus On Choice Hotels Target Price
Know Choice Hotels' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Choice Hotels is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Choice Hotels International backward and forwards among themselves. Choice Hotels' institutional investor refers to the entity that pools money to purchase Choice Hotels' securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
Shares | Wellington Management Company Llp | 2024-12-31 | 484.5 K | Geode Capital Management, Llc | 2024-12-31 | 414.5 K | Raymond James & Associates | 2024-09-30 | 365 K | Jpmorgan Chase & Co | 2024-12-31 | 359.6 K | Fort Washington Investment Advisors Inc | 2024-12-31 | 355.9 K | Envestnet Asset Management Inc | 2024-12-31 | 316.6 K | Bank Of America Corp | 2024-12-31 | 313.5 K | Balyasny Asset Management Llc | 2024-12-31 | 292.8 K | Charles Schwab Investment Management Inc | 2024-12-31 | 279.1 K | Bamco Inc | 2024-12-31 | 4.7 M | Kayne Anderson Rudnick Investment Management Llc | 2024-12-31 | 4 M |
Follow Choice Hotels' market capitalization trends
The company currently falls under 'Mid-Cap' category with a total capitalization of 6.14 B.Market Cap |
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Project Choice Hotels' profitablity
Last Reported | Projected for Next Year | ||
Return On Tangible Assets | 0.21 | 0.30 | |
Return On Capital Employed | 0.22 | 0.21 | |
Return On Assets | 0.12 | 0.21 | |
Return On Equity | (6.62) | (6.29) |
When accessing Choice Hotels' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Choice Hotels' profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Choice Hotels' profitability and make more informed investment decisions.
Evaluate Choice Hotels' management efficiency
Choice Hotels Intern has Return on Asset of 0.1219 % which means that on every $100 spent on assets, it made $0.1219 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.881 %, implying that it generated $0.881 on every 100 dollars invested. Choice Hotels' management efficiency ratios could be used to measure how well Choice Hotels manages its routine affairs as well as how well it operates its assets and liabilities. As of now, Choice Hotels' Return On Tangible Assets are decreasing as compared to previous years. The Choice Hotels' current Return On Assets is estimated to increase to 0.21, while Return On Capital Employed is projected to decrease to 0.21. As of now, Choice Hotels' Other Current Assets are increasing as compared to previous years. The Choice Hotels' current Intangible Assets is estimated to increase to about 928.2 M, while Total Current Assets are projected to decrease to under 223.5 M.Last Reported | Projected for Next Year | ||
Book Value Per Share | (0.95) | (1.00) | |
Tangible Book Value Per Share | (24.12) | (22.92) | |
Enterprise Value Over EBITDA | 15.56 | 10.50 | |
Price Book Value Ratio | (149.45) | (141.98) | |
Enterprise Value Multiple | 15.56 | 10.50 | |
Price Fair Value | (149.45) | (141.98) | |
Enterprise Value | 4.3 B | 2.4 B |
Examining the leadership quality of Choice Hotels International offers valuable insights into its operational efficiency and financial health. This analysis assists investors in making informed decisions regarding the stock.
Enterprise Value Revenue 4.9842 | Revenue | Quarterly Revenue Growth 0.069 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Choice Hotels insiders, such as employees or executives, is commonly permitted as long as it does not rely on Choice Hotels' material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Choice Hotels insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Choice Hotels Corporate Filings
F4 | 5th of March 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
8K | 20th of February 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
F5 | 6th of February 2025 The annual filing required by the Securities and Exchange Commission (SEC) from company insiders or beneficial owners | ViewVerify |
14th of November 2024 Other Reports | ViewVerify |
Choice Hotels Earnings Estimation Breakdown
The calculation of Choice Hotels' earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Choice Hotels is estimated to be 1.38 with the future projection ranging from a low of 1.288 to a high of 1.47. Please be aware that this consensus of annual earnings estimates for Choice Hotels International is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
1.29 Lowest | Expected EPS | 1.47 Highest |
Choice Hotels Earnings Projection Consensus
Suppose the current estimates of Choice Hotels' value are higher than the current market price of the Choice Hotels stock. In this case, investors may conclude that Choice Hotels is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Choice Hotels' stock will quickly adjusts to the new information provided by the consensus estimate.
Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of March 2025 | Current EPS (TTM) | |
16 | 92.89% | 1.55 | 1.38 | 6.2 |
Choice Hotels Earnings History
Earnings estimate consensus by Choice Hotels Intern analysts from Wall Street is used by the market to judge Choice Hotels' stock performance. Investors also use these earnings estimates to evaluate and project the stock performance into the future in order to make their investment decisions. However, we recommend analyzing not only Choice Hotels' upcoming profit reports and earnings-per-share forecasts but also comparing them to our different valuation methods.Choice Hotels Quarterly Gross Profit |
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Choice Hotels Earnings per Share Projection vs Actual
Actual Earning per Share of Choice Hotels refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Choice Hotels International predict the company's earnings will be in the future. The higher the earnings per share of Choice Hotels, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Choice Hotels Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Choice Hotels, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Choice Hotels should always be considered in relation to other companies to make a more educated investment decision.Choice Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Choice Hotels' stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
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2025-02-18 | 2024-12-31 | 1.4836 | 1.55 | 0.0664 | 4 | ||
2024-11-05 | 2024-09-30 | 1.91 | 2.23 | 0.32 | 16 | ||
2024-08-08 | 2024-06-30 | 1.86 | 1.84 | -0.02 | 1 | ||
2024-05-08 | 2024-03-31 | 1.14 | 1.28 | 0.14 | 12 | ||
2024-02-20 | 2023-12-31 | 1.35 | 1.44 | 0.09 | 6 | ||
2023-11-07 | 2023-09-30 | 1.85 | 1.82 | -0.03 | 1 | ||
2023-08-08 | 2023-06-30 | 1.69 | 1.75 | 0.06 | 3 | ||
2023-05-09 | 2023-03-31 | 1.01 | 1.12 | 0.11 | 10 | ||
2023-02-15 | 2022-12-31 | 1.05 | 1.26 | 0.21 | 20 | ||
2022-11-07 | 2022-09-30 | 1.69 | 1.56 | -0.13 | 7 | ||
2022-08-04 | 2022-06-30 | 1.45 | 1.43 | -0.02 | 1 | ||
2022-05-10 | 2022-03-31 | 0.89 | 1.03 | 0.14 | 15 | ||
2022-02-16 | 2021-12-31 | 0.84 | 0.99 | 0.15 | 17 | ||
2021-11-04 | 2021-09-30 | 1.36 | 1.51 | 0.15 | 11 | ||
2021-08-05 | 2021-06-30 | 0.89 | 1.22 | 0.33 | 37 | ||
2021-05-10 | 2021-03-31 | 0.6 | 0.57 | -0.03 | 5 | ||
2021-02-17 | 2020-12-31 | 0.64 | 0.51 | -0.13 | 20 | ||
2020-11-05 | 2020-09-30 | 0.74 | 0.66 | -0.08 | 10 | ||
2020-08-06 | 2020-06-30 | 0.32 | 0.13 | -0.19 | 59 | ||
2020-05-11 | 2020-03-31 | 0.7 | 0.76 | 0.06 | 8 | ||
2020-02-18 | 2019-12-31 | 0.85 | 0.92 | 0.07 | 8 | ||
2019-11-05 | 2019-09-30 | 1.29 | 1.37 | 0.08 | 6 | ||
2019-08-06 | 2019-06-30 | 1.14 | 1.19 | 0.05 | 4 | ||
2019-05-09 | 2019-03-31 | 0.75 | 0.84 | 0.09 | 12 | ||
2019-02-15 | 2018-12-31 | 0.84 | 0.88 | 0.04 | 4 | ||
2018-11-08 | 2018-09-30 | 1.16 | 1.24 | 0.08 | 6 | ||
2018-08-08 | 2018-06-30 | 1.04 | 1.11 | 0.07 | 6 | ||
2018-05-10 | 2018-03-31 | 0.6 | 0.67 | 0.07 | 11 | ||
2018-02-20 | 2017-12-31 | 0.63 | 0.63 | 0.0 | 0 | ||
2017-11-06 | 2017-09-30 | 0.92 | 0.95 | 0.03 | 3 | ||
2017-08-02 | 2017-06-30 | 0.77 | 0.79 | 0.02 | 2 | ||
2017-05-04 | 2017-03-31 | 0.5 | 0.51 | 0.01 | 2 | ||
2017-02-15 | 2016-12-31 | 0.53 | 0.56 | 0.03 | 5 | ||
2016-10-27 | 2016-09-30 | 0.79 | 0.84 | 0.05 | 6 | ||
2016-08-02 | 2016-06-30 | 0.67 | 0.71 | 0.04 | 5 | ||
2016-05-04 | 2016-03-31 | 0.39 | 0.35 | -0.04 | 10 | ||
2016-02-18 | 2015-12-31 | 0.47 | 0.51 | 0.04 | 8 | ||
2015-10-30 | 2015-09-30 | 0.72 | 0.72 | 0.0 | 0 | ||
2015-07-29 | 2015-06-30 | 0.6 | 0.62 | 0.02 | 3 | ||
2015-05-06 | 2015-03-31 | 0.38 | 0.37 | -0.01 | 2 | ||
2015-02-20 | 2014-12-31 | 0.37 | 0.43 | 0.06 | 16 | ||
2014-10-24 | 2014-09-30 | 0.63 | 0.67 | 0.04 | 6 | ||
2014-08-08 | 2014-06-30 | 0.49 | 0.6 | 0.11 | 22 | ||
2014-04-28 | 2014-03-31 | 0.29 | 0.29 | 0.0 | 0 | ||
2014-02-18 | 2013-12-31 | 0.46 | 0.46 | 0.0 | 0 | ||
2013-10-24 | 2013-09-30 | 0.66 | 0.7 | 0.04 | 6 | ||
2013-07-26 | 2013-06-30 | 0.46 | 0.48 | 0.02 | 4 | ||
2013-04-29 | 2013-03-31 | 0.27 | 0.26 | -0.01 | 3 | ||
2013-02-11 | 2012-12-31 | 0.41 | 0.45 | 0.04 | 9 | ||
2012-10-24 | 2012-09-30 | 0.63 | 0.63 | 0.0 | 0 | ||
2012-07-26 | 2012-06-30 | 0.52 | 0.55 | 0.03 | 5 | ||
2012-04-26 | 2012-03-31 | 0.31 | 0.34 | 0.03 | 9 | ||
2012-02-20 | 2011-12-31 | 0.44 | 0.46 | 0.02 | 4 | ||
2011-10-26 | 2011-09-30 | 0.6 | 0.71 | 0.11 | 18 | ||
2011-08-01 | 2011-06-30 | 0.45 | 0.46 | 0.01 | 2 | ||
2011-04-28 | 2011-03-31 | 0.25 | 0.28 | 0.03 | 12 | ||
2011-02-21 | 2010-12-31 | 0.39 | 0.42 | 0.03 | 7 | ||
2010-10-27 | 2010-09-30 | 0.57 | 0.68 | 0.11 | 19 | ||
2010-07-27 | 2010-06-30 | 0.44 | 0.45 | 0.01 | 2 | ||
2010-04-26 | 2010-03-31 | 0.26 | 0.27 | 0.01 | 3 | ||
2010-02-11 | 2009-12-31 | 0.41 | 0.43 | 0.02 | 4 | ||
2009-11-05 | 2009-09-30 | 0.51 | 0.56 | 0.05 | 9 | ||
2009-07-29 | 2009-06-30 | 0.42 | 0.44 | 0.02 | 4 | ||
2009-04-30 | 2009-03-31 | 0.25 | 0.27 | 0.02 | 8 | ||
2009-02-10 | 2008-12-31 | 0.37 | 0.41 | 0.04 | 10 | ||
2008-10-27 | 2008-09-30 | 0.56 | 0.57 | 0.01 | 1 | ||
2008-07-28 | 2008-06-30 | 0.47 | 0.49 | 0.02 | 4 | ||
2008-04-28 | 2008-03-31 | 0.27 | 0.3 | 0.03 | 11 | ||
2008-02-12 | 2007-12-31 | 0.42 | 0.44 | 0.02 | 4 | ||
2007-10-24 | 2007-09-30 | 0.54 | 0.58 | 0.04 | 7 | ||
2007-07-24 | 2007-06-30 | 0.41 | 0.43 | 0.02 | 4 | ||
2007-04-25 | 2007-03-31 | 0.25 | 0.27 | 0.02 | 8 | ||
2007-02-13 | 2006-12-31 | 0.35 | 0.36 | 0.01 | 2 | ||
2006-10-30 | 2006-09-30 | 0.46 | 0.5 | 0.04 | 8 | ||
2006-07-25 | 2006-06-30 | 0.38 | 0.36 | -0.02 | 5 | ||
2006-04-25 | 2006-03-31 | 0.21 | 0.26 | 0.05 | 23 | ||
2006-02-14 | 2005-12-31 | 0.32 | 0.32 | 0.0 | 0 | ||
2005-10-27 | 2005-09-30 | 0.43 | 0.43 | 0.0 | 0 | ||
2005-07-26 | 2005-06-30 | 0.31 | 0.33 | 0.02 | 6 | ||
2005-04-27 | 2005-03-31 | 0.17 | 0.18 | 0.01 | 5 | ||
2005-02-15 | 2004-12-31 | 0.27 | 0.3 | 0.03 | 11 | ||
2004-10-28 | 2004-09-30 | 0.39 | 0.37 | -0.02 | 5 | ||
2004-07-27 | 2004-06-30 | 0.27 | 0.27 | 0.0 | 0 | ||
2004-04-21 | 2004-03-31 | 0.14 | 0.15 | 0.01 | 7 | ||
2004-02-11 | 2003-12-31 | 0.22 | 0.24 | 0.02 | 9 | ||
2003-10-22 | 2003-09-30 | 0.31 | 0.33 | 0.02 | 6 | ||
2003-07-23 | 2003-06-30 | 0.22 | 0.24 | 0.02 | 9 | ||
2003-04-22 | 2003-03-31 | 0.12 | 0.13 | 0.01 | 8 | ||
2003-02-12 | 2002-12-31 | 0.19 | 0.22 | 0.03 | 15 | ||
2002-10-29 | 2002-09-30 | 0.27 | 0.27 | 0.0 | 0 | ||
2002-07-17 | 2002-06-30 | 0.17 | 0.19 | 0.02 | 11 | ||
2002-04-23 | 2002-03-31 | 0.09 | 0.1 | 0.01 | 11 | ||
2002-02-20 | 2001-12-31 | 0.14 | 0.14 | 0.0 | 0 | ||
2001-10-18 | 2001-09-30 | 0.21 | 0.1435 | -0.0665 | 31 | ||
2001-07-23 | 2001-06-30 | 0.16 | 0.16 | 0.0 | 0 | ||
2001-04-25 | 2001-03-31 | 0.09 | 0.1 | 0.01 | 11 | ||
2001-02-12 | 2000-12-31 | 0.14 | 0.14 | 0.0 | 0 | ||
2000-10-16 | 2000-09-30 | 0.19 | 0.19 | 0.0 | 0 | ||
2000-07-27 | 2000-06-30 | 0.14 | 0.14 | 0.0 | 0 | ||
2000-04-20 | 2000-03-31 | 0.09 | 0.08 | -0.01 | 11 | ||
2000-02-08 | 1999-12-31 | 0.13 | 0.13 | 0.0 | 0 | ||
1999-10-21 | 1999-09-30 | 0.15 | 0.17 | 0.02 | 13 | ||
1999-07-22 | 1999-06-30 | 0.12 | 0.13 | 0.01 | 8 | ||
1999-04-21 | 1999-03-31 | 0.07 | 0.09 | 0.02 | 28 | ||
1999-02-04 | 1998-12-31 | 0.1 | 0.11 | 0.01 | 10 | ||
1998-10-22 | 1998-09-30 | 0.12 | 0.13 | 0.01 | 8 | ||
1998-07-17 | 1998-06-30 | 0.11 | 0.11 | 0.0 | 0 | ||
1998-06-18 | 1998-03-31 | 0.06 | 0.06 | 0.0 | 0 | ||
1998-01-08 | 1997-12-31 | 0.1 | 0.11 | 0.01 | 10 |
Choice Hotels Corporate Directors
Liza Landsman | Independent Director | Profile | |
Barbara Alexander | Independent Director | Profile | |
William Jews | Independent Director | Profile | |
Monte Koch | Independent Director | Profile |
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Choice Hotels International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate. You can also try the Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Is Hotels, Resorts & Cruise Lines space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Choice Hotels. If investors know Choice will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Choice Hotels listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 1.734 | Dividend Share 1.15 | Earnings Share 6.2 | Revenue Per Share | Quarterly Revenue Growth 0.069 |
The market value of Choice Hotels Intern is measured differently than its book value, which is the value of Choice that is recorded on the company's balance sheet. Investors also form their own opinion of Choice Hotels' value that differs from its market value or its book value, called intrinsic value, which is Choice Hotels' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Choice Hotels' market value can be influenced by many factors that don't directly affect Choice Hotels' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Choice Hotels' value and its price as these two are different measures arrived at by different means. Investors typically determine if Choice Hotels is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Choice Hotels' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.