Pets at Home Group (LON:PETS) Shares Down 16.7% - Here's What Happened

Key Points

• Pets at Home Group shares fell by 16.7%, trading as low as GBX 175.50 ($2.39) in a significant drop from the previous closing price of GBX 228.40 ($3.11).
• Analysts have mixed views on the stock, with a consensus rating of "Moderate Buy" and a price target averaging GBX 273.33, indicating potential upside despite recent declines.
• The company has also initiated a stock repurchase plan, suggesting management's belief that the shares are undervalued.

Shares of Pets at Home Group Plc (LON:PETS - Get Free Report) were down 16.7% during mid-day trading on Thursday . The stock traded as low as GBX 175.50 ($2.38) and last traded at GBX 190.20 ($2.58). Approximately 9,942,952 shares changed hands during trading, an increase of 311% from the average daily volume of 2,418,653 shares. The stock had previously closed at GBX 228.40 ($3.10).

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PETS shares. Shore Capital reiterated a "no recommendation" rating on shares of Pets at Home Group in a research report on Thursday, July 31st. Canaccord Genuity Group reissued a "buy" rating and set a GBX 300 price objective on shares of Pets at Home Group in a research note on Thursday, May 29th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Pets at Home Group from GBX 275 to GBX 215 and set a "buy" rating for the company in a research note on Thursday. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of GBX 253.33.

Pets at Home Group Trading Down 0.1%

The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 43.13. The company has a 50-day moving average price of GBX 230.57 and a 200 day moving average price of GBX 239.96. The firm has a market cap of £866.85 million, a price-to-earnings ratio of 1,025.53, a PEG ratio of 2.66 and a beta of 0.69.

Pets at Home Group announced that its Board of Directors has initiated a stock buyback program on Monday, June 9th that permits the company to buyback 0 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

About Pets at Home Group

We are the UK's leading pet care business, providing pet owners with everything they need to be able to look after their pet – from food, toys and bedding, and grooming services, right the way through to first opinion veterinary care. Our stores represent a unique environment and provide a practical, fun and unique experience for pet owners.