Short Interest in PetMed Express, Inc. (NASDAQ:PETS) Declines By 20.6%

PetMed Express, Inc. (NASDAQ:PETS) was the target of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,350,000 shares, a decline of 20.6% from the October 31st total of 1,700,000 shares. Currently, 7.6% of the shares of the company are short sold. Based on an average daily trading volume, of 247,300 shares, the days-to-cover ratio is currently 5.5 days.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PETS. Lake Street Capital restated a “hold” rating and issued a $3.50 price target (down from $7.00) on shares of PetMed Express in a research note on Wednesday, August 7th. StockNews.com upgraded PetMed Express from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th.

Insiders Place Their Bets

In related news, major shareholder Nina Capital Holdings Inc. bought 12,500 shares of the business’s stock in a transaction on Monday, September 9th. The stock was acquired at an average price of $3.34 per share, with a total value of $41,750.00. Following the transaction, the insider now owns 2,078,000 shares in the company, valued at approximately $6,940,520. This trade represents a 0.61 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On PetMed Express

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of PetMed Express by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,186,485 shares of the company’s stock worth $5,683,000 after purchasing an additional 9,226 shares during the period. Federated Hermes Inc. boosted its holdings in PetMed Express by 54.5% in 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. Cubist Systematic Strategies LLC purchased a new stake in PetMed Express in the 2nd quarter worth $797,000. Price T Rowe Associates Inc. MD increased its stake in PetMed Express by 48.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 129,229 shares of the company’s stock worth $620,000 after buying an additional 42,125 shares in the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in PetMed Express during the third quarter valued at about $279,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

PetMed Express Trading Down 1.5 %

PETS opened at $4.63 on Friday. PetMed Express has a 1-year low of $2.90 and a 1-year high of $7.90. The firm’s 50 day simple moving average is $4.26 and its two-hundred day simple moving average is $3.96. The company has a market capitalization of $95.67 million, a PE ratio of -77.17 and a beta of 0.68.

PetMed Express (NASDAQ:PETS) last released its earnings results on Wednesday, November 6th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.17. The company had revenue of $59.57 million for the quarter, compared to the consensus estimate of $66.02 million. PetMed Express had a negative return on equity of 1.00% and a negative net margin of 0.37%. Equities analysts forecast that PetMed Express will post 0.24 earnings per share for the current fiscal year.

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 household pet 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.