PetMed Express (NASDAQ:PETS) Raised to Hold at Wall Street Zen

Key Points

• PetMed Express has been upgraded from a "sell" rating to a "hold" rating by analysts at Wall Street Zen, reflecting a positive shift in investor sentiment.
• Major shareholder Silvercape Investments Ltd increased their stake by acquiring 118,200 shares of PetMed Express at an average price of $3.21 each, signaling confidence in the company's future.
• Institutional investors own 73.33% of PetMed Express's stock, indicating strong institutional support and interest in the company.

Wall Street Zen upgraded shares of PetMed Express (NASDAQ:PETS - Free Report) from a sell rating to a hold rating in a research report report published on Friday.

PetMed Express Trading Up 3.7%

PetMed Express stock traded up $0.10 during midday trading on Friday, hitting $2.83. The stock had a trading volume of 86,948 shares, compared to its average volume of 86,942. The firm's fifty day moving average is $3.19 and its two-hundred day moving average is $3.52. The company has a market capitalization of $58.46 million, a PE ratio of 283.28 and a beta of 0.77. PetMed Express has a 52-week low of $2.72 and a 52-week high of $6.85.

Insider Transactions at PetMed Express

In other news, major shareholder Silvercape Investments Ltd bought 101,000 shares of PetMed Express stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average cost of $3.17 per share, with a total value of $320,170.00. Following the acquisition, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have purchased 271,283 shares of company stock valued at $865,256. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On PetMed Express

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PETS. Oxford Asset Management LLP purchased a new stake in PetMed Express during the 2nd quarter valued at approximately $55,000. Bridgeway Capital Management LLC grew its holdings in PetMed Express by 96.2% during the 2nd quarter. Bridgeway Capital Management LLC now owns 40,800 shares of the company's stock valued at $135,000 after buying an additional 20,000 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in PetMed Express during the 2nd quarter valued at approximately $51,000. Truffle Hound Capital LLC purchased a new stake in PetMed Express during the 2nd quarter valued at approximately $399,000. Finally, R Squared Ltd purchased a new stake in PetMed Express during the 2nd quarter valued at approximately $34,000. 73.33% of the stock is owned by hedge funds and other institutional investors.

About PetMed Express

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.