Insider Buying: PetMed Express (NASDAQ:PETS) Major Shareholder Buys 101,000 Shares of Stock

Key Points

• Major shareholder Silvercape Investments Ltd has increased its stake in PetMed Express by purchasing 101,000 shares at $3.17 per share, totaling approximately $320,170.
• PetMed Express's stock is currently trading at $3.11, reflecting a 3.3% decrease during trading hours, with a market capitalization of $64.15 million.
• Recent analyst reports have downgraded PetMed Express, with Morgan Stanley reducing the price target from $3.50 to $3.20 and categorizing the stock as "underweight."

PetMed Express, Inc. (NASDAQ:PETS - Get Free Report) major shareholder Silvercape Investments Ltd purchased 101,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $3.17 per share, for a total transaction of $320,170.00. Following the completion of the transaction, the insider directly owned 2,579,696 shares of the company's stock, valued at $8,177,636.32. The trade was a 4.07% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Silvercape Investments Ltd also recently made the following trade(s):

• On Friday, August 1st, Silvercape Investments Ltd bought 118,200 shares of PetMed Express stock. The shares were bought at an average price of $3.21 per share, for a total transaction of $379,422.00.
• On Friday, July 18th, Silvercape Investments Ltd purchased 17,565 shares of PetMed Express stock. The stock was bought at an average cost of $3.23 per share, with a total value of $56,734.95.
• On Thursday, July 17th, Silvercape Investments Ltd acquired 31,701 shares of PetMed Express stock. The shares were bought at an average cost of $3.15 per share, for a total transaction of $99,858.15.
• On Wednesday, July 2nd, Silvercape Investments Ltd bought 2,817 shares of PetMed Express stock. The stock was bought at an average price of $3.22 per share, with a total value of $9,070.74.
• On Tuesday, May 20th, Silvercape Investments Ltd purchased 7,401 shares of PetMed Express stock. The shares were bought at an average price of $3.95 per share, for a total transaction of $29,233.95.

PetMed Express Stock Performance

Shares of NASDAQ PETS traded down $0.02 during midday trading on Tuesday, reaching $3.03. 54,980 shares of the stock were exchanged, compared to its average volume of 181,062. The stock has a market capitalization of $62.60 million, a P/E ratio of 303.30 and a beta of 0.82. PetMed Express, Inc. has a twelve month low of $2.81 and a twelve month high of $6.85. The company has a 50 day simple moving average of $3.32 and a 200 day simple moving average of $3.71.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of PetMed Express from a "hold" rating to a "sell" rating in a research note on Sunday, August 3rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of "Sell" and an average price target of $3.20.

Hedge Funds Weigh In On PetMed Express

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in PetMed Express by 355.5% during the 4th quarter. JPMorgan Chase & Co. now owns 106,954 shares of the company's stock worth $516,000 after purchasing an additional 83,473 shares during the period. Geode Capital Management LLC boosted its stake in shares of PetMed Express by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 224,788 shares of the company's stock worth $1,084,000 after buying an additional 3,558 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of PetMed Express by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 216,812 shares of the company's stock worth $1,045,000 after buying an additional 4,410 shares during the last quarter. Boothbay Fund Management LLC acquired a new position in PetMed Express in the 4th quarter valued at about $59,000. Finally, Quarry LP purchased a new stake in PetMed Express during the 4th quarter valued at approximately $47,000. 73.33% of the stock is currently owned by hedge funds and other institutional investors.

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.