Short Interest in PetIQ, Inc. (NASDAQ:PETQ) Drops By 15.7%

PetIQ, Inc. (NASDAQ:PETQ - Get Free Report) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 1,020,000 shares, a drop of 15.7% from the September 30th total of 1,210,000 shares. Based on an average daily volume of 885,200 shares, the short-interest ratio is currently 1.2 days. Approximately 3.7% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. William Blair cut PetIQ from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 7th. Truist Financial cut PetIQ from a "buy" rating to a "hold" rating and boosted their price target for the stock from $30.00 to $31.00 in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $29.67.

Hedge Funds Weigh In On PetIQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new stake in shares of PetIQ in the 2nd quarter valued at approximately $11,414,000. Millennium Management LLC grew its stake in shares of PetIQ by 476.4% in the 2nd quarter. Millennium Management LLC now owns 486,445 shares of the company's stock valued at $10,731,000 after purchasing an additional 402,057 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of PetIQ in the 2nd quarter valued at approximately $3,164,000. Acadian Asset Management LLC grew its stake in shares of PetIQ by 243.8% in the 1st quarter. Acadian Asset Management LLC now owns 151,945 shares of the company's stock valued at $2,777,000 after purchasing an additional 107,752 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of PetIQ by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 2,252,842 shares of the company's stock valued at $41,182,000 after purchasing an additional 105,083 shares during the period. 94.99% of the stock is currently owned by institutional investors.

PetIQ Stock Performance

Shares of NASDAQ:PETQ remained flat at $30.98 on Monday. PetIQ has a 12-month low of $15.09 and a 12-month high of $31.06. The company has a debt-to-equity ratio of 1.68, a current ratio of 2.58 and a quick ratio of 1.68. The company has a market capitalization of $925.99 million, a P/E ratio of 79.44 and a beta of 1.73. The business has a fifty day simple moving average of $30.74 and a 200 day simple moving average of $24.57.

PetIQ (NASDAQ:PETQ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.20. PetIQ had a return on equity of 18.75% and a net margin of 1.20%. The business had revenue of $328.90 million during the quarter, compared to analysts' expectations of $330.14 million. During the same quarter in the previous year, the firm earned $0.37 EPS. The firm's revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts predict that PetIQ will post 1.12 EPS for the current fiscal year.

PetIQ Company Profile

PetIQ, Inc operates as a pet medication and wellness company in the United States and internationally. It operates in two segments, Products and Services. The company offers Rx pet medications, which sells flea and tick control, heartworm preventatives, arthritis, thyroid, diabetes and pain treatments, antibiotics, and other specialty medications; and develops and manufactures its own proprietary value-branded products, as well as third-party branded products for dogs and cats.