As of September 17, 2023, Profit Investment Management LLC has announced an increase in its stake in PetMed Express, Inc. (NASDAQ:PETS) by 32.5% during the second quarter. This information was revealed in the company’s most recent 13F filing with the Securities and Exchange Commission.
According to the filing, Profit Investment Management LLC now owns a total of 152,895 shares of PetMed Express, after acquiring an additional 37,473 shares during the mentioned period. With this new purchase, PetMed Express makes up approximately 1.4% of Profit Investment Management LLC’s investment portfolio. The stock is now listed as their 28th largest holding.
Based on the most recent filing with the Securities and Exchange Commission, Profit Investment Management LLC’s stake in PetMed Express is worth $2,108,000. This represents around 0.72% ownership of the company.
PetMed Express recently disclosed its quarterly earnings data on Monday, July 31st. The report revealed that the company posted earnings per share (EPS) of ($0.04) for the quarter which fell short of the consensus estimate by ($0.13). The return on equity for PetMed Express stands at a positive value of 2.95%, while its net margin reflects a negative value at -1.29%.
During this particular quarter, PetMed Express generated $78.24 million in revenue compared to analysts’ expectations of $79.24 million. Furthermore, it is important to note that during the same period last year, the business reported EPS of $0.14.
Research analysts are predicting that PetMed Express will achieve an EPS of 0.54 for the current fiscal year as a collective group.
To gain further insight into PetMed Express and its financial performance and projections, individuals may reference our latest analysis available through our platform.
It is noteworthy that all information presented in this article is accurate as of September 17, 2023.
Unusual Investor Moves in PetMed Express Leave Experts Baffled
The financial landscape can often be a perplexing and baffling realm, with investors making seemingly bizarre decisions that leave us scratching our heads. One such case is the recent changes made by large investors in their positions within PetMed Express, an online pet pharmacy company.
One influential investor, Aspire Private Capital LLC, has increased its position in PetMed Express by a staggering 321.3% during the fourth quarter. This surge has seen Aspire Private Capital LLC owning 1,323 shares of the company’s stock, valued at an astounding $23,408,268,000 after purchasing an additional 1,009 shares in the last quarter alone.
Captrust Financial Advisors has also joined the fray by increasing its position in PetMed Express by 72.5% during the first quarter. This move has resulted in Captrust Financial Advisors now owning 1,570 shares of the company’s stock valued at $41,000 after purchasing an additional 660 shares during this period.
Quantbot Technologies LP was not one to be left behind as they too raised their position in PetMed Express. During the second quarter Quantbot Technologies LP acquired 2,206 shares of the company’s stock valued at $43,000 after purchasing an additional 1,809 shares during this time.
Adding to this bewildering series of events is Point72 Hong Kong Ltd who increased their position in PetMed Express by an unbelievable 2,023.8%, bringing their total ownership to approximately 3,122 shares priced at $62,000 after buying an additional 2,975 shares last quarter.
Even US Bancorp DE could not resist joining this frenzy as they enlarged their stake in PetMed Express by a substantial 319.1% during the first quarter. US Bancorp DE currently owns around 3,751shares of the company’s stock valued at $97k after acquiring another impressive batch of 2,856 shares.
It is worthy to note that a significant 74.99% of PetMed Express’s stock is now owned by hedge funds and other institutional investors, further emphasizing the magnitude of these recent changes in positions.
This surprising turn of events has had a noticeable impact on the share price of PetMed Express. On Friday, September 17th, shares opened at $11.72, continuing their downward trend. The business also shows a 50-day moving average of $12.53 and a 200-day moving average of $14.44. PetMed Express has experienced both highs and lows over the past year, with its lowest point standing at $10.48 and its highest point reaching an impressive $22.64.
From a market capitalization perspective, PetMed Express currently stands at $248.10 million with a P/E ratio of -73.25 and beta of 0.68.
In an interesting development, PetMed Express recently announced a quarterly dividend payment which was made on August 18th to shareholders who were listed as such on August 14th. This dividend amounted to $0.30 per share, resulting in an annualized dividend yield of 10.24%. However, it’s important to note that even though this payout ratio seems unusual at -750%, it is consistent with the company’s current financial situation.
Several equities research analysts have weighed in on the matter as well by providing their own assessments of PetMed Express’ performance and prospects. For example, Lake Street Capital initiated coverage on the company and assigned it a “buy” rating alongside a target price of $20 per share back in May 2023. Similarly, StockNews.com has initiated coverage on PetMed Express more recently and gave it a “hold” rating.
In conclusion, the recent actions taken by large investors within PetMed Express have left many observers puzzled and perplexed about what could be driving these seemingly unusual decisions. With significant increases in their positions and a high level of interest from hedge funds and institutional investors, there may be more to this story than meets the eye. As always, it’s essential for potential investors to conduct thorough research and analysis before making any investment decisions in order to navigate the complex world of finance effectively.