PetMed Express, Inc. (NASDAQ:PETS) Sees Significant Decrease in Short Interest

PetMed Express, Inc. (NASDAQ:PETS) was the target of a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 914,046 shares, a drop of 43.5% from the June 30th total of 1,617,488 shares. Based on an average daily volume of 245,985 shares, the days-to-cover ratio is presently 3.7 days. Currently, 4.3% of the company’s stock are short sold.

Institutional Trading of PetMed Express

Institutional investors have recently modified their holdings of the business. Empowered Funds LLC boosted its stake in PetMed Express by 9.3% in the 1st quarter. Empowered Funds LLC now owns 75,024 shares of the company’s stock worth $171,000 after purchasing an additional 6,373 shares during the period. Rangeley Capital LLC grew its position in PetMed Express by 45.6% in the first quarter. Rangeley Capital LLC now owns 109,208 shares of the company’s stock worth $249,000 after acquiring an additional 34,208 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of PetMed Express by 42.0% in the 1st quarter. Sei Investments Co. now owns 23,000 shares of the company’s stock worth $52,000 after purchasing an additional 6,800 shares in the last quarter. Formidable Asset Management LLC grew its position in PetMed Express by 13.0% during the first quarter. Formidable Asset Management LLC now owns 105,201 shares of the company’s stock valued at $240,000 after acquiring an additional 12,141 shares during the last quarter. Finally, Man Group plc raised its position in PetMed Express by 10.7% in the 4th quarter. Man Group plc now owns 167,152 shares of the company’s stock worth $535,000 after purchasing an additional 16,113 shares during the period. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

PetMed Express Stock Performance

Shares of PetMed Express stock traded down $0.04 on Wednesday, hitting $1.98. The company had a trading volume of 21,956 shares, compared to its average volume of 365,992. PetMed Express has a 1 year low of $1.57 and a 1 year high of $4.10. The stock has a 50 day moving average of $1.94 and a 200-day moving average of $2.41. The stock has a market capitalization of $42.21 million, a price-to-earnings ratio of -0.72 and a beta of 0.77.

PetMed Express (NASDAQ:PETS) last announced its earnings results on Tuesday, June 2nd. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.01). PetMed Express had a negative net margin of 32.00% and a negative return on equity of 76.86%. The company had revenue of $42.82 million for the quarter, compared to analysts’ expectations of $52.00 million. During the same period in the previous year, the firm earned ($0.56) EPS. Equities analysts anticipate that PetMed Express will post 0.07 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on PETS. Wall Street Zen upgraded shares of PetMed Express from a “strong sell” rating to a “hold” rating in a report on Saturday, June 6th. Zacks Research upgraded shares of PetMed Express to a “hold” rating in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of PetMed Express from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce”.

About PetMed Express

PetMed Express, Inc operates as an online and catalog-based pet pharmacy and retail supplier under the 1-800-PetMeds brand name. The company distributes prescription and non‐prescription medications, nutritional supplements, flea and tick control products, and a range of pet health supplies directly to consumers. Through its licensed veterinary pharmacy in Delray Beach, Florida, PetMed Express fills orders for dogs, cats and other companion animals, offering both branded and generic products alongside its own private‐label formulations.

Founded in 1996 by Marc Puleo, PetMed Express built its business on the premise of convenience and cost savings for pet owners seeking reliable access to veterinary medications.