Charles Schwab Investment Management Inc. Reduces Position in PetMed Express, Inc. $PETS

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in PetMed Express, Inc. by 90.8%, selling 99,186 shares and leaving them with only 10,000 shares valued at approximately $42,000.
• Several institutional investors have modified their positions in PetMed Express, with Squarepoint Ops LLC increasing its stake by 41.4% and others also acquiring or boosting their holdings.
• PetMed Express has been downgraded from a "hold" to a "sell" rating by Wall Street analysts, with a current consensus target price of $3.20 per share.

Charles Schwab Investment Management Inc. cut its holdings in shares of PetMed Express, Inc. (NASDAQ:PETS - Free Report) by 90.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,000 shares of the company's stock after selling 99,186 shares during the period. Charles Schwab Investment Management Inc.'s holdings in PetMed Express were worth $42,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Squarepoint Ops LLC boosted its position in shares of PetMed Express by 41.4% during the fourth quarter. Squarepoint Ops LLC now owns 17,686 shares of the company's stock valued at $85,000 after purchasing an additional 5,180 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of PetMed Express by 13.2% during the fourth quarter. Northern Trust Corp now owns 51,116 shares of the company's stock valued at $246,000 after purchasing an additional 5,953 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of PetMed Express by 34.0% during the fourth quarter. Bank of America Corp DE now owns 106,372 shares of the company's stock valued at $513,000 after purchasing an additional 26,984 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of PetMed Express during the first quarter valued at approximately $295,000. Finally, Formidable Asset Management LLC lifted its holdings in shares of PetMed Express by 394.5% during the fourth quarter. Formidable Asset Management LLC now owns 135,251 shares of the company's stock valued at $652,000 after purchasing an additional 107,902 shares during the last quarter. 73.33% of the stock is owned by hedge funds and other institutional investors.

PetMed Express Trading Up 0.3%

PetMed Express stock traded up $0.01 during mid-day trading on Friday, hitting $3.05. The company had a trading volume of 86,441 shares, compared to its average volume of 102,013. The stock's 50 day moving average price is $3.23 and its two-hundred day moving average price is $3.56. PetMed Express, Inc. has a 12 month low of $2.81 and a 12 month high of $6.85. The company has a market capitalization of $63.01 million, a PE ratio of 305.31 and a beta of 0.77.

Insider Buying and Selling

In other PetMed Express news, major shareholder Silvercape Investments Ltd purchased 101,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $3.17 per share, with a total value of $320,170.00. Following the completion of the acquisition, the insider directly owned 2,579,696 shares in the company, valued at $8,177,636.32. This trade represents a 4.07% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders acquired 271,283 shares of company stock valued at $865,256 over the last 90 days. Insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of PetMed Express from a "sell" rating to a "hold" rating in a report on Friday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of "Sell" and a consensus price target of $3.20.

PetMed Express Company Profile

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.