PetMed Express, Inc. (PETS) Short Interest Update

PetMed Express, Inc. (NASDAQ:PETS) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 6,576,207 shares, an increase of 105.9% from the August 15th total of 3,193,474 shares. Based on an average daily volume of 3,090,918 shares, the short-interest ratio is presently 2.1 days. Currently, 33.3% of the shares of the stock are sold short.

PetMed Express (NASDAQ PETS) opened at 35.56 on Friday. The company has a market capitalization of $721.58 million, a PE ratio of 27.35 and a beta of 1.03. PetMed Express has a 52 week low of $18.90 and a 52 week high of $50.90. The firm has a 50-day moving average of $41.68 and a 200-day moving average of $33.21.

PetMed Express (NASDAQ:PETS) last announced its quarterly earnings results on Monday, July 24th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.07. PetMed Express had a net margin of 10.34% and a return on equity of 28.67%. The firm had revenue of $79.66 million during the quarter, compared to analysts’ expectations of $77.32 million. During the same period in the prior year, the company posted $0.32 EPS. The company’s revenue was up 9.9% on a year-over-year basis. Equities analysts expect that PetMed Express will post $1.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Monday, August 7th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.25%. The ex-dividend date was Thursday, August 3rd. PetMed Express’s dividend payout ratio (DPR) is currently 61.54%.

PETS has been the topic of a number of recent research reports. ValuEngine raised shares of PetMed Express from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Sidoti raised shares of PetMed Express from a “neutral” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, August 24th. Craig Hallum cut shares of PetMed Express from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. BidaskClub cut shares of PetMed Express from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 22nd. Finally, Noble Financial reaffirmed a “hold” rating on shares of PetMed Express in a research note on Wednesday, July 26th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $44.75.

In related news, Director Robert C. Schweitzer sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $48.60, for a total value of $243,000.00. Following the completion of the sale, the director now owns 83,834 shares of the company’s stock, valued at $4,074,332.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Bruce S. Rosenbloom sold 6,833 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $50.18, for a total transaction of $342,879.94. Following the completion of the sale, the chief financial officer now directly owns 18,534 shares of the company’s stock, valued at approximately $930,036.12. The disclosure for this sale can be found here. In the last three months, insiders sold 19,333 shares of company stock valued at $949,730. 4.00% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PETS. Acadian Asset Management LLC acquired a new position in PetMed Express in the 2nd quarter valued at approximately $18,691,000. Oaktop Capital Management II L.P. acquired a new position in PetMed Express in the 2nd quarter valued at approximately $15,171,000. Vanguard Group Inc. increased its position in PetMed Express by 21.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,300,725 shares of the company’s stock valued at $52,810,000 after acquiring an additional 225,474 shares during the period. Koch Industries Inc. acquired a new position in PetMed Express in the 2nd quarter valued at approximately $212,000. Finally, Renaissance Technologies LLC increased its position in PetMed Express by 11.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,786,315 shares of the company’s stock valued at $35,976,000 after acquiring an additional 188,615 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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About PetMed Express

PetMed Express, Inc (PetMed Express), doing business as 1800PetMeds, is a pet pharmacy. The Company markets prescription and non-prescription pet medications, and other health products for dogs and cats, direct to the consumer. It offers a selection of products for dogs and cats. Its product line contains approximately 3,000 stock keeping units (SKUS) of pet medications, health products and supplies.

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