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Common Outstanding Shares and Market Capitalization issues revisited

edited November 2019 in Data issues
Hi - thanks for this service, it's really cool, but because outstanding shares seems to unreliable I'm having serious issues using the data. There seem to have been discussions regarding this for several months?

For the discussion below, I'm defining a "Major Swing" as a change in "Common Shares Outstanding" where the new value is either > 10x the previous value or < 0.1x the previous value.

I find that 540 stocks are suffering Major Swings and there are 2209 Major Swings in total. I'm finding it really difficult to clean these out, because it's really hard to know which value is actually correct (though some are obvious).

For instance AEP;
478873.651 => 479437027000 =>13499.5 => 481790955000

I'm see that 478,873,651 is the currently correct value - so none of the values from the database are correct.

Are the values indented to be in thousands? Or the actual count?

A lot of indicators are based on the Market Capitalization value, which in turn is "Common Shares Outstanding" * "Share Price", and with the "Common Shares Outstanding" being so broken, these indicators are wildly off.

Does anyone have a good idea for how to clean this out, or is there any progress just over the horizon on the backend software?

with regards,
mattias

**** My report, let me know (@ mattias.fagerlund@carretera.se or here) if you would like to see a full report:

Major (10x) swings in Common Shares Outstanding (2209 swings in 540 stocks):

TAP, 248956, 60 swings
2011-09-24, 165085.255 => 2600
2011-10-28, 2600 => 158866.889
2011-12-31, 158866.889 => 2600
2012-02-17, 2600 => 158324.07
2012-03-31, 158324.07 => 2600
+55 more

ACN, 61372, 49 swings
2010-06-18, 68639.826 => 705909.86
2010-08-31, 705909.86 => 40
2010-11-30, 40 => 57195.556
2010-12-13, 57195.556 => 697325.444
2011-02-28, 697325.444 => 53317.485
+44 more

AEP, 66050, 41 swings
2010-06-30, 478873.651 => 479437027000
2010-12-31, 480276270000 => 13499.5
2011-04-29, 13499.5 => 481790955000
2011-06-30, 481790955000 => 13499.5
2011-07-29, 13499.5 => 482273.829
+36 more

AMSWA, 196458, 38 swings
2011-07-31, 30398.701 => 2587.086
2011-09-02, 2587.086 => 26220.582
2012-01-31, 26340.939 => 2587.086
2012-03-02, 2587.086 => 26783.562
2012-07-31, 27121.079 => 2587.086
+33 more

REGN, 378206, 32 swings
2010-06-30, 78860.862 => 2182.036
2010-07-15, 2182.036 => 79931.305
2010-09-30, 79931.305 => 2181.831
2010-10-15, 2181.831 => 80111.128
2012-03-31, 90692.071 => 92969427
+27 more

SNFCA, 902058, 26 swings
2014-06-30, 25139.469 => 876.996
2014-08-14, 876.996 => 13174.172
2014-09-30, 13174.172 => 967.12
2014-11-14, 967.12 => 13179.684
2015-03-31, 13853.551 => 1081.517
+21 more

WSTC, 820561, 25 swings
2011-06-30, 87.956 => 97806
2012-03-31, 490913.437 => 490.946
2012-04-27, 490.946 => 490995.694
2012-12-31, 492148.962 => 62.086
2013-02-01, 62.086 => 497154.477
+20 more

PCG, 378198, 24 swings
2012-06-30, 264374.809 => 425996481000
2012-07-25, 425996481000 => 426462.616
2012-09-30, 426462.616 => 264374809000
2012-10-25, 264374809000 => 429984.324
2013-03-31, 430718.293 => 441509054000
+19 more

HIG, 387752, 24 swings
2012-12-31, 436307.932 => 436306000
2013-03-31, 436306000 => 435336
2013-12-31, 447083.233 => 453290000
2014-03-31, 453290000 => 452486
2014-09-30, 447793.984 => 433570000
+19 more

LAZ, 447656, 19 swings
2010-07-26, 0.001 => 112811.66
2010-09-30, 112811.66 => 0.001
2010-10-25, 0.001 => 116604.468
2010-12-31, 116604.468 => 0.001
2011-01-31, 0.001 => 119697.937
+14 more

ESCA, 918449, 18 swings
2010-12-25, 12657 => 12.78
2011-03-19, 12.78 => 12812.943
2011-12-31, 12883.948 => 12.884
2012-02-06, 12.884 => 12891.757
2012-12-29, 13421.507 => 13.427
+13 more

CHK, 378111, 18 swings
2011-12-31, 659108 => 46750
2013-05-01, 46750 => 666461.015
2013-06-30, 666461.015 => 46750
2013-08-01, 46750 => 665524.165
2013-09-30, 665524.165 => 46750
+13 more

VIAB, 378236, 17 swings
2009-06-30, 57400 => 607300
2009-09-30, 607300 => 607400000000
2009-12-31, 607400000000 => 52400
2010-03-31, 52400 => 607377009000
2010-06-30, 607377009000 => 52000
+12 more

CR, 355869, 16 swings
2012-09-30, 57352.872 => 56917808
2012-10-30, 56917808 => 56924.908
2013-03-31, 57106.172 => 57760408
2013-04-30, 57760408 => 57835.975
2013-06-30, 57835.975 => 58023966
+11 more

CEI, 905198, 15 swings
2014-03-31, 29981.181 => 1200.808
2014-06-06, 1200.808 => 33399.615
2015-03-31, 35020.515 => 1402.383
2015-07-15, 1404.51 => 36354.973
2015-08-11, 36354.973 => 1454.287
+10 more

AGHI, 111361, 15 swings
2015-12-31, 13013.306 => 909.333
2016-12-31, 883.875 => 9093.33
2017-05-11, 9093.33 => 878.437
2017-06-30, 878.437 => 9093.33
2017-07-26, 9093.33 => 878.437
+10 more

SCVL, 201975, 14 swings
2010-01-30, 20496 => 20.483
2011-01-29, 20.483 => 20483
2011-10-29, 20478 => 20.478
2011-11-30, 20.478 => 20031.704
2012-04-27, 20427.104 => 13.6
+9 more

MYAN, 658464, 14 swings
2010-09-30, 56023.921 => 1867.69
2010-12-31, 1867.69 => 56023.921
2011-03-31, 56023.921 => 1867.69
2011-08-15, 1870.813 => 56117.6
2011-09-30, 56117.6 => 1871.352
+9 more

ED, 378121, 14 swings
2010-12-31, 290536.094 => 21976.2
2011-04-29, 21976.2 => 292577.516
2011-12-31, 292904.646 => 21976.2
2012-04-27, 21976.2 => 292904.261
2012-12-31, 292872.896 => 21976.2
+9 more

FNB, 446814, 14 swings
2010-12-31, 114641.514 => 550.128
2011-04-30, 550.128 => 120871.169
2011-12-31, 127135.221 => 550.128
2012-04-30, 550.128 => 139554.146
2012-12-31, 139795.027 => 550.128
+9 more

STRM, 494891, 14 swings
2011-01-31, 120047.856 => 9856.517
2011-04-01, 9856.517 => 116953
2011-07-31, 117184.197 => 10053.979
2011-09-30, 10053.979 => 112344
2011-10-31, 112344 => 10053.98
+9 more

NYT, 647918, 14 swings
2011-06-24, 147176.254 => 71.859
2011-07-29, 71.859 => 147444.717
2013-12-29, 149761.136 => 10965
2014-02-21, 10965 => 150160.9
2014-12-28, 150306.636 => 9228
+9 more

PBF, 546186, 14 swings
2013-05-03, 23613.876 => 0.1
2013-06-30, 0.1 => 39563.876
2014-12-31, 87670.871 => 5765.946
2015-02-06, 5765.946 => 91134.12
2015-12-31, 102505.208 => 6056.719
+9 more

Comments

  • edited November 2019
    We've reworked a big part of the backend in the last months, so we can build better checks now too (API v2 which is building on that will be coming out before the end of the year hopefully). Shares outstanding definitely need some more work, I just checked TAP and it seems like they have 2 share classes, but the numbers are not reported regularly for one of them, so for the time periods where only data of one share class is available, the backend assumes that must be the total. I'll address this next week and build in a swing detection.
    The focus of the last months was getting this new backend on the road and also the new bulk download, which is its first product (it's online since yesterday but wasn't yet publicly "announced": https://simfin.com/data/access/bulk), so now is a good time to focus more on data issues such as these.
  • Ok, thanks, looking forward to check out the results for the new backend!
  • negative shares are excluded now in the bulk download (starting tomorrow morning) and I improved the monitoring of the share counts, I'll try to fix as many problems as possible manually now.
  • Great, I'll check it out later. I may keep pummeling you with these reports as I go deeper into the data! It's obviously up to you to decide what to fix and when.

    cheers,
    m
  • Negative/zero share counts should be fixed now for all companies. I'm working on fixing large changes in share counts now.
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