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

PetMed Express, Inc. (NASDAQ:PETS) was the target of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 774,341 shares, a drop of 27.2% from the February 26th total of 1,064,222 shares. Based on an average daily volume of 104,949 shares, the days-to-cover ratio is presently 7.4 days. Approximately 3.7% of the company’s shares are short sold.

Institutional Trading of PetMed Express

Institutional investors and hedge funds have recently made changes to their positions in the company. Occudo Quantitative Strategies LP bought a new position in PetMed Express during the 2nd quarter worth about $51,000. Oxford Asset Management LLP bought a new stake in shares of PetMed Express in the 2nd quarter valued at about $55,000. R Squared Ltd lifted its position in shares of PetMed Express by 117.8% in the 3rd quarter. R Squared Ltd now owns 22,127 shares of the company’s stock worth $56,000 after purchasing an additional 11,970 shares during the period. Jain Global LLC purchased a new stake in shares of PetMed Express in the 4th quarter worth approximately $78,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of PetMed Express during the fourth quarter valued at approximately $80,000. 73.33% of the stock is currently owned by institutional investors.

PetMed Express Stock Performance

Shares of NASDAQ PETS opened at $2.23 on Friday. PetMed Express has a 52-week low of $1.57 and a 52-week high of $4.32. The firm has a market capitalization of $47.72 million, a price-to-earnings ratio of -0.71 and a beta of 0.72. The stock has a 50 day moving average price of $2.84 and a 200 day moving average price of $2.72.

PetMed Express (NASDAQ:PETS) last released its quarterly earnings data on Thursday, February 5th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.44). PetMed Express had a negative return on equity of 70.81% and a negative net margin of 35.51%.The firm had revenue of $40.66 million for the quarter, compared to analysts’ expectations of $54.04 million. Analysts forecast that PetMed Express will post 0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of PetMed Express in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, PetMed Express currently has a consensus rating of “Sell” and an average price target of $3.20.

PetMed Express Company Profile

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.