Oppenheimer Lowers Wag! Group (NASDAQ:PET) Price Target to $3.00

Wag! Group (NASDAQ:PET) had its price objective dropped by equities research analysts at Oppenheimer from $6.00 to $3.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 215.79% from the company’s current price.

A number of other analysts have also recently issued reports on PET. Roth Mkm decreased their target price on Wag! Group from $4.00 to $3.50 and set a “buy” rating for the company in a report on Tuesday, July 16th. Chardan Capital restated a “buy” rating and set a $8.00 target price on shares of Wag! Group in a research note on Friday, May 10th. DA Davidson cut their price target on Wag! Group from $6.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, May 16th. Finally, Lake Street Capital started coverage on Wag! Group in a research note on Thursday, May 30th. They issued a “buy” rating and a $4.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $4.40.

Wag! Group Price Performance

Shares of NASDAQ:PET traded down $0.08 during midday trading on Friday, hitting $0.95. 401,440 shares of the stock were exchanged, compared to its average volume of 102,913. The stock has a market cap of $38.59 million, a P/E ratio of -2.64 and a beta of 1.79. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 15.59. Wag! Group has a twelve month low of $0.91 and a twelve month high of $2.65. The company has a 50 day moving average price of $1.42 and a 200-day moving average price of $1.82.

Wag! Group (NASDAQ:PET) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.03. The firm had revenue of $23.22 million during the quarter, compared to analysts’ expectations of $22.60 million. Wag! Group had a negative return on equity of 553.34% and a negative net margin of 15.92%. On average, research analysts forecast that Wag! Group will post -0.26 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Maziar Arjomand sold 22,854 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $1.70, for a total transaction of $38,851.80. Following the completion of the transaction, the chief technology officer now owns 1,167,928 shares of the company’s stock, valued at $1,985,477.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Maziar Arjomand sold 22,854 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $1.70, for a total value of $38,851.80. Following the completion of the transaction, the chief technology officer now owns 1,167,928 shares in the company, valued at approximately $1,985,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder John P. Szabo, Jr. purchased 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was bought at an average price of $1.41 per share, with a total value of $126,900.00. Following the transaction, the insider now directly owns 660,000 shares in the company, valued at $930,600. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 96,700 shares of company stock worth $138,889 and have sold 323,584 shares worth $539,268. 23.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Wag! Group

Several hedge funds have recently bought and sold shares of PET. Cerity Partners LLC purchased a new stake in Wag! Group in the 4th quarter worth about $40,000. SVB Wealth LLC raised its stake in shares of Wag! Group by 100.0% during the 4th quarter. SVB Wealth LLC now owns 140,000 shares of the company’s stock worth $245,000 after purchasing an additional 70,000 shares in the last quarter. Finally, Cowen AND Company LLC purchased a new stake in shares of Wag! Group during the 2nd quarter worth about $72,000. 86.16% of the stock is owned by hedge funds and other institutional investors.

Wag! Group Company Profile

Wag! Group Co develops and supports a proprietary marketplace technology platform available as a website and mobile app that enables independent pet caregivers to connect with pet parents. Its platform allows pet parents, who require specific pet care services, such as dog walking, pet sitting and boarding, advice from licensed pet experts, home visits, training, and pet insurance comparison tools.