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PetMed Express price target lowered to $17 from $18 at Morgan Stanley » 07:5303/2303/23/23
PETS, CHWY, WOOF
Morgan Stanley analyst…
Morgan Stanley analyst Erin Wright lowered the firm's price target on PetMed Express (PETS) to $17 from $18 and keeps an Underweight rating on the shares. A veterinary industry tracker the firm follows shows that Q1-to-date average weekly revenue across 4,885 U.S. practices rose 6.7% year-over-year, which the firm calls out as a "notable sequential improvement," while vet visits only declined 1.4%, which it said is "also notably better" than Q4. However, the firm remains cautious on near-term prospects for PetMed, particularly in light of recent trends reported by Chewy (CHWY) and Petco (WOOF) from a pet retail perspective alongside "still subdued" Nielsen data.
|Over a month ago|
Short Report: Bearish bets in crypto, EV technology recede amid profit-taking » 14:4402/1102/11/23
CMPS, STOK, PETS, COIN, BLNK, GOEV
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Fly Intel: After-Hours Movers » 18:1502/0602/06/23
SKY, INTA, KMT, SAVE, NOV, SWKS, GNW, LMT, CHGG, AOSL, ZI, PETS, PINS, LEG, RMBS, FN, BBBY, BLNK
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PetMed Express announces quarterly dividend of 30c per share » 16:0602/0602/06/23
The Board of Directors…
The Board of Directors declared a quarterly dividend of 30c per share on the Company's common stock. The dividend will be payable on February 27, to shareholders of record at the close of business on February 20, . The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors. Based on a sales tax assessment received and accrued in the second quarter fiscal year 2023, the Company initiated a process to evaluate the potential for further sales tax contingencies, We expect to complete the evaluation in the quarter ending March 31, 2023, the results of which could have a material effect on the results of operations.
PetMed Express reports Q3 EPS 21c, consensus 20c » 16:0502/0602/06/23
Reports Q3 revenue…
Reports Q3 revenue $58.9M, consensus $62.03M.Adjusted EBITDA was $2.7M for the current year quarter, compared to Adjusted EBITDA of $7.6M, for the quarter ended December 31 a decrease of 64%."We're pleased to see the first year over year increase in customers for PetMeds in the last 10 quarters. Revenue was down year over year 3.0%, but stable sequentially despite the prior quarter benefiting from an elongated flea and tick season," said Matt Hulett, CEO and President. Hulett continued, "We believe that we are making progress towards being a leader in total pet health expertise. We are confident that our investments in the core PetMeds business, our unique on-demand digital veterinarian and pet telemedicine service and our recently announced acquisition of PetCareRx, will position PetMeds for future long-term growth." The Board of Directors declared a quarterly dividend of $0.30 per share on the Company's common stock. The dividend will be payable on February 27, to shareholders of record at the close of business on February 20, . The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors. Based on a sales tax assessment received and accrued in the second quarter fiscal year 2023, the Company initiated a process to evaluate the potential for further sales tax contingencies, We expect to complete the evaluation in the quarter ending March 31, 2023, the results of which could have a material effect on the results of operations.
PetMed Express options imply 9.2% move in share price post-earnings » 15:1102/0602/06/23
Pre-earnings options volume in PetMed Express is 1.3x normal with puts leading calls 5:1. Implied volatility suggests the market is anticipating a move near 9.2%, or $1.88, after results are released. Median move over the past eight quarters is 6.0%.
PetMed Express to acquire PetCareRx, terms undisclosed » 08:3901/1701/17/23
PetMed Express has…
PetMed Express has reached a definitive agreement to acquire PetCareRx, a supplier of pet medications, food, and supplies.The combined entities will expand PetMeds' existing base of over two million customers and will add approximately 10,000 incremental wellness products to the company's existing product offering. The acquisition of PetCareRx gives PetMeds an immediate revenue boost, and the company believes it can expand on that growth through an expanded product catalog and differentiated services."We believe this acquisition will not only be highly beneficial to our customers but will also drive significant shareholder value over the long-term," said Matt Hulett, CEO and President of PetMeds. "Together, PetMeds and PetCareRx will provide a much expanded product offering and accelerated growth by capturing a larger share of customer wallet through increased basket size and order frequency within the booming $120B annual sales U.S. pet care market. Pet parents will benefit from expanded choice in both prescription and non-prescription medicines, and thousands of incremental products, including premium and prescription food, treats, and supplement. The transaction is subject to customary closing conditions and completion of regulatory review. The deal has been approved by the board of directors of both PetMeds and PetCareRx and is expected to close in the first quarter of 2023.
|Over a quarter ago|
PetMed Express transferred with a Hold at Jefferies » 08:3809/2109/21/22
Jefferies analyst Corey…
Jefferies analyst Corey Grady took over lead coverage of PetMed Express and maintains a Hold rating on the shares with an unchanged $20 price target. Grady expects partnership & M&A announcements over the coming quarter, but says the key to stock performance will be a sustained recovery in new customer growth, which could take time given PetMed's "challenged competitive position."
Fly Intel: After-Hours Movers » 17:5007/2507/25/22
FFIV, CALX, TBI, CDNS, WHR, ANGN, SHLX, UHS, HXL, PETS, NXPI, ALGT, WMT, AMZN, TGT, COST, CONN, LEGN
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PetMed Express reports Q1 EPS 22c, consensus 25c » 16:0307/2507/25/22
Reports Q1 revenue…
Reports Q1 revenue $70.2M, two-estimates $78.25M. "While disappointed with the quarterly sales results, I remain encouraged by some of the underlying trends we are seeing," said Matt Hulett, CEO and President, "We knew early in the quarter that the colder temperatures, particularly in April, would have a material impact to sales due to the delay in our seasonally sensitive flea and tick business. Absent that, we would have seen a stabilization of our business on a year-over-year basis especially in our loyal returning base. The business strengthened throughout the quarter, including a recovery in our business later in the quarter with improving new and returning customers." Mr. Hulett added, "We are excited about our partnership with Vetster and pleased with how we quickly executed and launched the integration with this key strategic initiative in pet telemedicine. We see this as an important milestone on our roadmap to transform PetMeds from a prescription eCommerce company into a broader pet health brand. We continue to invest in our infrastructure, which includes processes, systems, and people. We have just enabled a new data warehouse that gives us deep insights into our first party data, and we recently announced