PetMed Express (NASDAQ:PETS) Earns Hold Rating from Lake Street Capital

Lake Street Capital reiterated their hold rating on shares of PetMed Express (NASDAQ:PETS) in a research note released on Wednesday, MarketBeat reports. The brokerage currently has a $3.50 price objective on the stock, down from their prior price objective of $7.00.

Separately, Morgan Stanley dropped their target price on shares of PetMed Express from $6.50 to $3.50 and set an underweight rating on the stock in a research note on Wednesday, June 12th.

PetMed Express Stock Down 5.2 %

PetMed Express stock traded down $0.17 during midday trading on Wednesday, hitting $3.09. 309,702 shares of the stock were exchanged, compared to its average volume of 243,861. The stock has a market capitalization of $63.68 million, a price-to-earnings ratio of -7.92 and a beta of 0.73. The business’s 50-day moving average price is $3.98 and its 200-day moving average price is $4.56. PetMed Express has a 52-week low of $3.08 and a 52-week high of $12.92.

PetMed Express (NASDAQ:PETS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.30. The firm had revenue of $67.95 million during the quarter, compared to the consensus estimate of $77.52 million. PetMed Express had a negative return on equity of 3.39% and a negative net margin of 1.24%. On average, sell-side analysts predict that PetMed Express will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PETS. Vanguard Group Inc. lifted its holdings in PetMed Express by 0.8% during the first quarter. Vanguard Group Inc. now owns 1,186,485 shares of the company’s stock valued at $5,683,000 after purchasing an additional 9,226 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of PetMed Express by 2,025.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 700,916 shares of the company’s stock valued at $3,357,000 after buying an additional 667,946 shares in the last quarter. 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. Invenomic Capital Management LP purchased a new position in PetMed Express in the 4th quarter valued at approximately $1,631,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of PetMed Express by 48.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 129,229 shares of the company’s stock worth $620,000 after acquiring an additional 42,125 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

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.