PetMed Express (NASDAQ:PETS) Stock Rating Lowered by Wall Street Zen

Key Points

• PetMed Express has been downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen, reflecting a more negative outlook on the stock.
• Morgan Stanley has also reduced its price target for PetMed Express from $3.50 to $3.20, signaling an "underweight" rating on the shares.
• Despite the downgrades, PetMed Express stock experienced a 3.8% increase in trading, opening at $3.24, with a 12-month low of $2.90.

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

Separately, Morgan Stanley reduced their price objective on shares of PetMed Express from $3.50 to $3.20 and set an "underweight" rating for the company in a research note on Thursday, April 17th.

PetMed Express Trading Up 0.9%

PetMed Express stock traded up $0.03 during mid-day trading on Friday, hitting $3.19. The company had a trading volume of 42,670 shares, compared to its average volume of 193,553. PetMed Express has a 12 month low of $2.90 and a 12 month high of $6.85. The company has a market capitalization of $65.91 million, a PE ratio of 319.32 and a beta of 0.82. The stock's 50 day moving average price is $3.49 and its two-hundred day moving average price is $3.84.

Insider Activity at PetMed Express

In other PetMed Express news, major shareholder Silvercape Investments Ltd bought 118,200 shares of the firm's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $3.21 per share, with a total value of $379,422.00. Following the transaction, the insider owned 2,478,696 shares in the company, valued at $7,956,614.16. This represents a 5.01% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders acquired 177,684 shares of company stock worth $574,320 over the last 90 days. Company insiders own 1.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. R Squared Ltd purchased a new stake in PetMed Express during the 2nd quarter valued at $34,000. Quarry LP bought a new position in PetMed Express in the fourth quarter valued at about $47,000. Boothbay Fund Management LLC purchased a new position in PetMed Express in the fourth quarter worth about $59,000. Squarepoint Ops LLC grew its stake in shares of PetMed Express by 41.4% during the 4th 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 during the period. Finally, Blair William & Co. IL increased its position in shares of PetMed Express by 95.2% during the 4th quarter. Blair William & Co. IL now owns 20,300 shares of the company's stock valued at $98,000 after purchasing an additional 9,900 shares during the last quarter. 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.