January 20, 2021

PetMed Express (NASDAQ:PETS) Stock Price Down 12.7% on Disappointing Earnings

By haziqbinarif


Shares of PetMed Express, Inc. (NASDAQ:PETS) traded down 12.7% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $30.03 and last traded at $30.33. 2,484,077 shares changed hands during trading, an increase of 226% from the average session volume of 762,462 shares. The stock had previously closed at $34.73.The company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.01). PetMed Express had a net margin of 9.82% and a return on equity of 22.79%. The firm had revenue of $65.90 million during the quarter, compared to analyst estimates of $63.81 million. During the same period in the prior year, the company earned $0.34 EPS. The business’s quarterly revenue was up 10.0% compared to the same quarter last year.

In other news, Director Ronald J. Korn sold 2,000 shares of PetMed Express stock in a transaction on Wednesday, January 13th. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 83,333 shares in the company, valued at $2,916,655. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 8,000 shares of company stock valued at $268,000 in the last ninety days. Insiders own 3.60% of the company’s stock.

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of PetMed Express by 0.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 51,520 shares of the company’s stock valued at $1,617,000 after purchasing an additional 413 shares in the last quarter. Sowell Financial Services LLC lifted its stake in PetMed Express by 157.0% in the fourth quarter. Sowell Financial Services LLC now owns 771 shares of the company’s stock worth $25,000 after purchasing an additional 471 shares during the last quarter. Nuveen Asset Management LLC boosted its position in PetMed Express by 0.7% during the second quarter. Nuveen Asset Management LLC now owns 78,429 shares of the company’s stock valued at $2,795,000 after buying an additional 555 shares during the period. Cubist Systematic Strategies LLC boosted its position in PetMed Express by 2.5% during the second quarter. Cubist Systematic Strategies LLC now owns 23,503 shares of the company’s stock valued at $838,000 after buying an additional 577 shares during the period. Finally, Private Advisor Group LLC bought a new position in shares of PetMed Express during the second quarter valued at about $39,000. 91.59% of the stock is owned by institutional investors.

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The company has a market cap of $614.85 million, a P/E ratio of 20.21 and a beta of 0.70. The business has a 50 day moving average price of $31.90 and a two-hundred day moving average price of $32.06.

About PetMed Express (NASDAQ:PETS)

PetMed Express, Inc, together with its subsidiaries, doing business as 1-800-PetMeds, operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications, and other health products 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 supplies; and prescription medications, including heartworm preventative, flea and tick preventative, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.

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