PetIQ (NASDAQ:PETQ) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PetIQ (NASDAQ:PETQ) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. Zacks Investment Research currently has $36.00 target price on the stock.

According to Zacks, “PetIQ, Inc. is a pet medication and wellness company. Its product consists of Rx Medications, OTC Medications and Supplies, Health and Wellness Products. The Company serves retail stores across the mass, club, grocery, pharmacy and e-commerce channels. PetIQ, Inc. is based in Eagle, United States. “

A number of other equities analysts have also weighed in on the stock. Guggenheim assumed coverage on shares of PetIQ in a research report on Thursday, May 23rd. They issued a buy rating and a $35.00 price objective on the stock. ValuEngine lowered shares of PetIQ from a buy rating to a hold rating in a research report on Thursday, August 1st. Finally, BidaskClub lowered shares of PetIQ from a strong-buy rating to a buy rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $41.14.

NASDAQ:PETQ traded up $1.98 during midday trading on Friday, reaching $34.75. The stock had a trading volume of 1,244,447 shares, compared to its average volume of 393,186. The business’s fifty day simple moving average is $33.89. PetIQ has a 12-month low of $21.29 and a 12-month high of $43.93. The company has a current ratio of 2.89, a quick ratio of 1.51 and a debt-to-equity ratio of 0.38. The stock has a market cap of $910.05 million, a PE ratio of 27.80, a P/E/G ratio of 1.74 and a beta of 2.06.

PetIQ (NASDAQ:PETQ) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.35. PetIQ had a net margin of 0.68% and a return on equity of 10.54%. The firm had revenue of $220.60 million for the quarter, compared to analyst estimates of $193.89 million. During the same period last year, the firm posted $0.66 EPS. PetIQ’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts expect that PetIQ will post 0.74 EPS for the current year.

In other PetIQ news, insider Will Santana sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $31.68, for a total value of $316,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Nathan Clarke bought 31,031 shares of PetIQ stock in a transaction on Wednesday, May 15th. The stock was acquired at an average cost of $28.12 per share, with a total value of $872,591.72. The disclosure for this purchase can be found here. In the last three months, insiders sold 110,291 shares of company stock valued at $3,436,491. 23.79% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of PetIQ during the 1st quarter worth $505,000. Dimensional Fund Advisors LP raised its stake in shares of PetIQ by 226.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 95,881 shares of the company’s stock worth $2,250,000 after buying an additional 66,498 shares during the last quarter. Rice Hall James & Associates LLC raised its stake in shares of PetIQ by 16.3% during the 1st quarter. Rice Hall James & Associates LLC now owns 68,223 shares of the company’s stock worth $2,143,000 after buying an additional 9,580 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of PetIQ by 26.4% during the 1st quarter. Advisory Services Network LLC now owns 20,200 shares of the company’s stock worth $634,000 after buying an additional 4,225 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of PetIQ during the 4th quarter worth $365,000. 89.33% of the stock is owned by institutional investors and hedge funds.

About PetIQ

PetIQ, Inc operates as a pet health and wellness company. It operates through two segments, Products and Services. It manufactures and distributes veterinarian services and veterinarian-grade pet products, including prescription (Rx) medications, over-the-counter (OTC) flea and tick preventatives, and health and wellness products for dogs and cats.

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