Ziff Davis Net Worth
Ziff Davis Net Worth Breakdown | ZD |
Ziff Davis Net Worth Analysis
Ziff Davis' 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 Ziff Davis' financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Ziff Davis' overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Ziff Davis' net worth analysis. One common approach is to calculate Ziff Davis' market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Ziff Davis' stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Ziff Davis' net worth. This approach calculates the present value of Ziff Davis' future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Ziff Davis' 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 Ziff Davis' net worth. This involves comparing Ziff Davis' financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Ziff Davis' net worth relative to its peers.
Enterprise Value |
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To determine if Ziff Davis 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 Ziff Davis' net worth research are outlined below:
| Ziff Davis generated a negative expected return over the last 90 days | |
| Over 97.0% of the company outstanding shares are owned by institutional investors | |
| Latest headline from finance.yahoo.com: Bullish Ziff Davis Insiders Loaded Up On US820.8k Of Stock |
Ziff Davis Quarterly Good Will |
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Ziff Davis 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 Ziff Davis. 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 Ziff Davis' 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 |
Ziff Davis Target Price Consensus
Ziff 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. Ziff Davis' 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.
| 7 | Buy |
Most Ziff 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 Ziff stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Ziff Davis, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationZiff Davis Target Price Projection
Ziff Davis' current and average target prices are 42.07 and 73.43, respectively. The current price of Ziff Davis is the price at which Ziff Davis is currently trading. On the other hand, Ziff Davis' 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
Ziff Davis Market Quote on 17th of March 2025
Target Price
Analyst Consensus On Ziff Davis Target Price
Know Ziff Davis' Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Ziff Davis is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Ziff Davis backward and forwards among themselves. Ziff Davis' institutional investor refers to the entity that pools money to purchase Ziff Davis' 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 | Nordea Investment Mgmt Bank Demark A/s | 2024-12-31 | 1 M | Fuller & Thaler Asset Management Inc | 2024-12-31 | 1 M | Charles Schwab Investment Management Inc | 2024-12-31 | 757.9 K | Nuveen Asset Management, Llc | 2024-12-31 | 662.2 K | Northern Trust Corp | 2024-12-31 | 565.3 K | Morgan Stanley - Brokerage Accounts | 2024-12-31 | 562.3 K | Rice Hall James & Associates, Llc | 2024-12-31 | 493.5 K | Fmr Inc | 2024-12-31 | 486.5 K | Wellington Management Company Llp | 2024-12-31 | 443.7 K | Blackrock Inc | 2024-12-31 | 7 M | Vanguard Group Inc | 2024-12-31 | 4.9 M |
Follow Ziff Davis' market capitalization trends
The company currently falls under 'Mid-Cap' category with a market capitalization of 1.72 B.Market Cap |
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Project Ziff Davis' profitablity
| Last Reported | Projected for Next Year | ||
| Return On Tangible Assets | 0.03 | 0.03 | |
| Return On Capital Employed | 0.04 | 0.06 | |
| Return On Assets | 0.02 | 0.01 | |
| Return On Equity | 0.03 | 0.03 |
When accessing Ziff Davis' net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Ziff Davis' 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 Ziff Davis' profitability and make more informed investment decisions.
Please note, the presentation of Ziff Davis' financial position, as portrayed in its financial statements, is often influenced by management's estimates, judgments, and sometimes even manipulations. In the best case, Ziff Davis' management is honest, while the outside auditors are strict and uncompromising. Please utilize our Beneish M Score to check the likelihood of Ziff Davis' management manipulating its earnings.
Evaluate Ziff Davis' management efficiency
Ziff Davis has Return on Asset (ROA) of 0.0346 % which means that for every $100 of assets, it generated a profit of $0.0346. This is way below average. Likewise, it shows a return on total equity (ROE) of 0.034 %, which means that it produced $0.034 on every 100 dollars invested by current stockholders. Ziff Davis' management efficiency ratios could be used to measure how well Ziff Davis manages its routine affairs as well as how well it operates its assets and liabilities. The current year's Return On Capital Employed is expected to grow to 0.06, whereas Return On Tangible Assets are forecasted to decline to 0.03. At present, Ziff Davis' Non Current Assets Total are projected to increase significantly based on the last few years of reporting. The current year's Non Currrent Assets Other is expected to grow to about 453.3 M, whereas Return On Tangible Assets are forecasted to decline to 0.03.| Last Reported | Projected for Next Year | ||
| Book Value Per Share | 40.73 | 42.77 | |
| Tangible Book Value Per Share | 3.90 | 4.09 | |
| Enterprise Value Over EBITDA | 8.69 | 6.66 | |
| Price Book Value Ratio | 1.33 | 0.86 | |
| Enterprise Value Multiple | 8.69 | 6.66 | |
| Price Fair Value | 1.33 | 0.86 | |
| Enterprise Value | 2.8 B | 1.7 B |
Management at Ziff Davis focuses on leveraging technology and optimizing operations. We evaluate the impact of these focuses on the company's financial health and stock performance.
Enterprise Value Revenue 1.4866 | Revenue | Quarterly Revenue Growth 0.059 | 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 Ziff Davis insiders, such as employees or executives, is commonly permitted as long as it does not rely on Ziff Davis' 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 Ziff Davis 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.
Ziff Davis Corporate Filings
F4 | 14th 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 | 27th of February 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
| 14th of February 2025 Other Reports | ViewVerify | |
| 13th of February 2025 Other Reports | ViewVerify |
Ziff Davis Earnings Estimation Breakdown
The calculation of Ziff Davis' 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 Ziff Davis is estimated to be 1.2784 with the future projection ranging from a low of 1.15 to a high of 1.403. Please be aware that this consensus of annual earnings estimates for Ziff Davis is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
1.15 Lowest | Expected EPS | 1.40 Highest |
Ziff Davis Earnings Projection Consensus
Suppose the current estimates of Ziff Davis' value are higher than the current market price of the Ziff Davis stock. In this case, investors may conclude that Ziff Davis 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 Ziff Davis' 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) | |
| 7 | 94.85% | 2.58 | 1.2784 | 1.42 |
Ziff Davis Earnings History
Earnings estimate consensus by Ziff Davis analysts from Wall Street is used by the market to judge Ziff Davis' 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 Ziff Davis' upcoming profit reports and earnings-per-share forecasts but also comparing them to our different valuation methods.Ziff Davis Quarterly Gross Profit |
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Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Ziff Davis' price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Ziff Davis Earnings per Share Projection vs Actual
Actual Earning per Share of Ziff Davis refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Ziff Davis predict the company's earnings will be in the future. The higher the earnings per share of Ziff Davis, 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.Ziff Davis Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Ziff Davis, 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 Ziff Davis should always be considered in relation to other companies to make a more educated investment decision.Ziff Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Ziff Davis' 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 | |||
|---|---|---|---|---|---|---|---|
2025-02-19 | 2024-12-31 | 2.6329 | 2.58 | -0.0529 | 2 | ||
2024-11-07 | 2024-09-30 | 1.51 | 1.64 | 0.13 | 8 | ||
2024-08-07 | 2024-06-30 | 1.26 | 1.18 | -0.08 | 6 | ||
2024-05-08 | 2024-03-31 | 1.15 | 1.27 | 0.12 | 10 | ||
2024-02-21 | 2023-12-31 | 2.27 | 2.33 | 0.06 | 2 | ||
2023-11-08 | 2023-09-30 | 1.53 | 1.5 | -0.03 | 1 | ||
2023-08-03 | 2023-06-30 | 1.22 | 1.27 | 0.05 | 4 | ||
2023-05-09 | 2023-03-31 | 1.06 | 1.1 | 0.04 | 3 | ||
2023-02-15 | 2022-12-31 | 2.36 | 2.26 | -0.1 | 4 | ||
2022-11-08 | 2022-09-30 | 1.53 | 1.58 | 0.05 | 3 | ||
2022-08-09 | 2022-06-30 | 1.41 | 1.58 | 0.17 | 12 | ||
2022-05-10 | 2022-03-31 | 1.21 | 1.23 | 0.02 | 1 | ||
2022-02-14 | 2021-12-31 | 2.07 | 2.17 | 0.1 | 4 | ||
2021-11-03 | 2021-09-30 | 2.24 | 2.34 | 0.1 | 4 | ||
2021-08-05 | 2021-06-30 | 2.03 | 2.41 | 0.38 | 18 | ||
2021-05-10 | 2021-03-31 | 1.66 | 2.18 | 0.52 | 31 | ||
2021-02-11 | 2020-12-31 | 2.8 | 3.11 | 0.31 | 11 | ||
2020-11-02 | 2020-09-30 | 1.77 | 2.02 | 0.25 | 14 | ||
2020-08-10 | 2020-06-30 | 1.46 | 1.71 | 0.25 | 17 | ||
2020-05-11 | 2020-03-31 | 1.39 | 1.4 | 0.01 | 0 | ||
2020-02-10 | 2019-12-31 | 2.36 | 2.38 | 0.02 | 0 | ||
2019-10-31 | 2019-09-30 | 1.68 | 1.7 | 0.02 | 1 | ||
2019-08-06 | 2019-06-30 | 1.55 | 1.6 | 0.05 | 3 | ||
2019-05-07 | 2019-03-31 | 1.33 | 1.4 | 0.07 | 5 | ||
2019-02-12 | 2018-12-31 | 2.03 | 2.11 | 0.08 | 3 | ||
2018-11-05 | 2018-09-30 | 1.51 | 1.53 | 0.02 | 1 | ||
2018-08-09 | 2018-06-30 | 1.43 | 1.5 | 0.07 | 4 | ||
2018-05-07 | 2018-03-31 | 1.2 | 1.22 | 0.02 | 1 | ||
2018-02-06 | 2017-12-31 | 1.79 | 1.79 | 0.0 | 0 | ||
2017-11-02 | 2017-09-30 | 1.34 | 1.34 | 0.0 | 0 | ||
2017-08-03 | 2017-06-30 | 1.33 | 1.33 | 0.0 | 0 | ||
2017-05-08 | 2017-03-31 | 1.23 | 1.19 | -0.04 | 3 | ||
2017-02-09 | 2016-12-31 | 1.43 | 1.49 | 0.06 | 4 | ||
2016-11-01 | 2016-09-30 | 1.24 | 1.25 | 0.01 | 0 | ||
2016-08-03 | 2016-06-30 | 1.15 | 1.21 | 0.06 | 5 | ||
2016-05-05 | 2016-03-31 | 1.04 | 1.05 | 0.01 | 0 | ||
2016-02-10 | 2015-12-31 | 1.17 | 1.29 | 0.12 | 10 | ||
2015-11-03 | 2015-09-30 | 1.01 | 1.04 | 0.03 | 2 | ||
2015-08-04 | 2015-06-30 | 0.95 | 0.99 | 0.04 | 4 | ||
2015-05-07 | 2015-03-31 | 0.88 | 0.85 | -0.03 | 3 | ||
2015-02-12 | 2014-12-31 | 0.9 | 0.98 | 0.08 | 8 | ||
2014-11-05 | 2014-09-30 | 0.82 | 0.83 | 0.01 | 1 | ||
2014-08-05 | 2014-06-30 | 0.82 | 0.84 | 0.02 | 2 | ||
2014-05-08 | 2014-03-31 | 0.72 | 0.76 | 0.04 | 5 | ||
2014-02-13 | 2013-12-31 | 0.78 | 0.8 | 0.02 | 2 | ||
2013-11-05 | 2013-09-30 | 0.71 | 0.64 | -0.07 | 9 | ||
2013-08-07 | 2013-06-30 | 0.79 | 0.83 | 0.04 | 5 | ||
2013-05-08 | 2013-03-31 | 0.63 | 0.58 | -0.05 | 7 | ||
2013-02-13 | 2012-12-31 | 0.62 | 0.7 | 0.08 | 12 | ||
2012-11-01 | 2012-09-30 | 0.62 | 0.65 | 0.03 | 4 | ||
2012-08-01 | 2012-06-30 | 0.67 | 0.7 | 0.03 | 4 | ||
2012-05-03 | 2012-03-31 | 0.62 | 0.64 | 0.02 | 3 | ||
2012-02-14 | 2011-12-31 | 0.63 | 0.64 | 0.01 | 1 | ||
2011-11-02 | 2011-09-30 | 0.64 | 0.64 | 0.0 | 0 | ||
2011-08-02 | 2011-06-30 | 0.58 | 0.65 | 0.07 | 12 | ||
2011-05-05 | 2011-03-31 | 0.57 | 0.6 | 0.03 | 5 | ||
2011-02-15 | 2010-12-31 | 0.5 | 0.6 | 0.1 | 20 | ||
2010-11-03 | 2010-09-30 | 0.46 | 0.47 | 0.01 | 2 | ||
2010-08-03 | 2010-06-30 | 0.45 | 0.46 | 0.01 | 2 | ||
2010-05-04 | 2010-03-31 | 0.45 | 0.44 | -0.01 | 2 | ||
2010-02-18 | 2009-12-31 | 0.45 | 0.45 | 0.0 | 0 | ||
2009-11-04 | 2009-09-30 | 0.45 | 0.47 | 0.02 | 4 | ||
2009-08-05 | 2009-06-30 | 0.44 | 0.48 | 0.04 | 9 | ||
2009-05-05 | 2009-03-31 | 0.44 | 0.46 | 0.02 | 4 | ||
2009-02-19 | 2008-12-31 | 0.42 | 0.49 | 0.07 | 16 | ||
2008-11-03 | 2008-09-30 | 0.41 | 0.45 | 0.04 | 9 | ||
2008-08-05 | 2008-06-30 | 0.4 | 0.4 | 0.0 | 0 | ||
2008-05-06 | 2008-03-31 | 0.38 | 0.38 | 0.0 | 0 | ||
2008-02-19 | 2007-12-31 | 0.36 | 0.36 | 0.0 | 0 | ||
2007-11-07 | 2007-09-30 | 0.37 | 0.38 | 0.01 | 2 | ||
2007-08-06 | 2007-06-30 | 0.35 | 0.36 | 0.01 | 2 | ||
2007-05-07 | 2007-03-31 | 0.32 | 0.35 | 0.03 | 9 | ||
2007-03-12 | 2006-12-31 | 0.28 | 0.29 | 0.01 | 3 | ||
2006-08-01 | 2006-06-30 | 0.28 | 0.28 | 0.0 | 0 | ||
2006-04-25 | 2006-03-31 | 0.26 | 0.26 | 0.0 | 0 | ||
2006-02-06 | 2005-12-31 | 0.26 | 0.26 | 0.0 | 0 | ||
2005-10-24 | 2005-09-30 | 0.24 | 0.25 | 0.01 | 4 | ||
2005-07-25 | 2005-06-30 | 0.21 | 0.23 | 0.02 | 9 | ||
2005-04-18 | 2005-03-31 | 0.19 | 0.2 | 0.01 | 5 | ||
2005-02-03 | 2004-12-31 | 0.17 | 0.19 | 0.02 | 11 | ||
2004-10-18 | 2004-09-30 | 0.16 | 0.16 | 0.0 | 0 | ||
2004-07-19 | 2004-06-30 | 0.14 | 0.14 | 0.0 | 0 | ||
2004-04-19 | 2004-03-31 | 0.12 | 0.13 | 0.01 | 8 | ||
2004-02-02 | 2003-12-31 | 0.16 | 0.16 | 0.0 | 0 | ||
2003-10-20 | 2003-09-30 | 0.13 | 0.14 | 0.01 | 7 | ||
2003-07-21 | 2003-06-30 | 0.11 | 0.12 | 0.01 | 9 | ||
2003-04-21 | 2003-03-31 | 0.1 | 0.1 | 0.0 | 0 | ||
2003-02-05 | 2002-12-31 | 0.09 | 0.1 | 0.01 | 11 | ||
2002-10-28 | 2002-09-30 | 0.07 | 0.08 | 0.01 | 14 | ||
2001-05-30 | 2001-03-31 | -0.2 | -0.11 | 0.09 | 45 | ||
2000-10-31 | 2000-09-30 | -0.2 | -0.13 | 0.07 | 35 | ||
2000-07-31 | 2000-06-30 | -0.14 | -0.13 | 0.01 | 7 | ||
2000-04-26 | 2000-03-31 | -0.14 | 0.13 | 0.27 | 192 | ||
2000-01-31 | 1999-12-31 | -0.15 | -0.13 | 0.02 | 13 | ||
1999-10-19 | 1999-09-30 | -0.13 | -0.14 | -0.01 | 7 |
Ziff Davis Corporate Management
| Joey Fortuna | Chief Officer | Profile | |
| MD MA | Chief Health | Profile | |
| Alan Steier | Vice Finance | Profile | |
| Sean Alford | Senior Development | Profile | |
| Rebecca Wright | Senior Communications | Profile | |
| Layth Taki | Chief Officer | Profile |
Already Invested in Ziff Davis?
The danger of trading Ziff Davis is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Ziff Davis is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Ziff Davis. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Ziff Davis is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Ziff Davis. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment. For information on how to trade Ziff Stock refer to our How to Trade Ziff Stock guide.You can also try the Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Is Application Software 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 Ziff Davis. If investors know Ziff 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 Ziff Davis 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 0.107 | Earnings Share 1.42 | Revenue Per Share | Quarterly Revenue Growth 0.059 | Return On Assets |
The market value of Ziff Davis is measured differently than its book value, which is the value of Ziff that is recorded on the company's balance sheet. Investors also form their own opinion of Ziff Davis' value that differs from its market value or its book value, called intrinsic value, which is Ziff Davis' 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 Ziff Davis' market value can be influenced by many factors that don't directly affect Ziff Davis' 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 Ziff Davis' value and its price as these two are different measures arrived at by different means. Investors typically determine if Ziff Davis is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Ziff Davis' 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.