PetMed Express (NASDAQ:PETS) Downgraded to Sell at Zacks Investment Research

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PetMed Express (NASDAQ:PETSGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “PetMed Express, Inc. and subsidiaries, d/b/a 1-800-PetMeds (the Company), is a leading nationwide pet pharmacy. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats, direct to the consumer. The Company offers consumers an attractive alternative for obtaining pet medications in terms of convenience, price, and speed of delivery. The Company markets its products through national advertising campaigns, which aim to increase the recognition of the 1-800-PetMeds brand name, and PetMeds family of trademarks, increase traffic on its website at www.1800petmeds.com, acquire new customers, and maximize repeat purchases. The majority of the Company’s sales are to residents in the United States. The Company’s corporate headquarters and distribution facility are located in Delray Beach, Florida. “

Other analysts have also recently issued research reports about the company. Sidoti raised PetMed Express from a “neutral” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Thursday, January 20th. Morgan Stanley reduced their price objective on PetMed Express from $25.00 to $21.00 and set an “underweight” rating for the company in a research note on Tuesday, January 25th. Finally, StockNews.com began coverage on PetMed Express in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $27.00.

NASDAQ:PETS opened at $21.66 on Wednesday. The company has a market capitalization of $454.43 million, a P/E ratio of 20.06 and a beta of 0.55. PetMed Express has a 12 month low of $21.34 and a 12 month high of $46.67. The firm has a fifty day simple moving average of $25.80 and a 200-day simple moving average of $26.40.

Several hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of PetMed Express by 2.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 373,322 shares of the company’s stock valued at $9,430,000 after purchasing an additional 10,107 shares in the last quarter. Fisher Asset Management LLC increased its holdings in PetMed Express by 98.9% in the fourth quarter. Fisher Asset Management LLC now owns 87,935 shares of the company’s stock valued at $2,221,000 after buying an additional 43,717 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of PetMed Express in the fourth quarter worth about $234,000. WBI Investments Inc. purchased a new stake in shares of PetMed Express during the 4th quarter worth about $513,000. Finally, Allianz Asset Management GmbH grew its position in shares of PetMed Express by 38.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 380,630 shares of the company’s stock valued at $10,228,000 after acquiring an additional 106,275 shares during the period. 80.95% of the stock is owned by institutional investors and hedge funds.

PetMed Express Company Profile (Get Rating)

PetMed Express, Inc, together with its subsidiaries, doing business as 1-800-PetMeds, operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications, and other health products 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.

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