PetMed Express, Inc. (NASDAQ:PETS) Sees Large Growth in Short Interest

PetMed Express, Inc. (NASDAQ:PETS) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,090,000 shares, a growth of 16.8% from the August 15th total of 1,790,000 shares. Currently, 10.4% of the company’s stock are sold short. Based on an average daily volume of 356,300 shares, the days-to-cover ratio is presently 5.9 days.

Institutional Investors Weigh In On PetMed Express

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of PetMed Express by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 1,186,485 shares of the company’s stock worth $5,683,000 after acquiring an additional 9,226 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in PetMed Express by 2,025.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 700,916 shares of the company’s stock worth $3,357,000 after purchasing an additional 667,946 shares in the last quarter. Federated Hermes Inc. raised its holdings in PetMed Express by 54.5% during the 2nd quarter. Federated Hermes Inc. now owns 606,430 shares of the company’s stock worth $2,456,000 after buying an additional 213,903 shares during the period. Invenomic Capital Management LP purchased a new stake in PetMed Express during the fourth quarter valued at about $1,631,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of PetMed Express in the second quarter worth about $797,000. 73.33% of the stock is owned by institutional investors and hedge funds.

PetMed Express Stock Performance

Shares of PETS traded up $0.10 during mid-day trading on Tuesday, reaching $3.67. 204,618 shares of the company’s stock traded hands, compared to its average volume of 359,948. PetMed Express has a 12 month low of $2.90 and a 12 month high of $11.80. The stock has a market capitalization of $75.60 million, a P/E ratio of -9.72 and a beta of 0.71. The business’s 50-day moving average price is $3.48 and its 200-day moving average price is $4.07.

PetMed Express (NASDAQ:PETS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.30. The business had revenue of $67.95 million during the quarter, compared to the consensus estimate of $77.52 million. PetMed Express had a negative net margin of 1.24% and a negative return on equity of 3.44%. Equities research analysts anticipate that PetMed Express will post 0.08 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on PETS shares. Lake Street Capital reaffirmed a “hold” rating and set a $3.50 price target (down previously from $7.00) on shares of PetMed Express in a research report on Wednesday, August 7th. Morgan Stanley decreased their target price on PetMed Express from $6.50 to $3.50 and set an “underweight” rating for the company in a research report on Wednesday, June 12th.

About PetMed Express

PetMed Express, Inc, together with its subsidiaries, operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications, health products, and other supplies for dogs, cats, and horses. It offers non-prescription medications and supplies, such as flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies; and prescription medications, including heartworm preventatives, flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.