Jefferies Believes Petiq Inc (PETQ) Won’t Stop Here


In a report released today, Kevin Grundy from Jefferies maintained a Buy rating on Petiq Inc (NASDAQ: PETQ). The company’s shares opened today at $41.04, close to its 52-week high of $43.19.

Grundy said:

“Median short interest for the Beverages group increased +3.4% since 8/15, while positions against Household Products decreased -5.6% during the same period. Among the largest increases in Beverages since 8/15 were TAP (+29%), COT (+12%), and KDP (+9%); among the largest decreases in HPC were KMB (-16%), CHD (-11%), and CL (-7%). Median days to cover for Beverages are 2.3 and 6.6 for HPC. On the long side, we favor and MNST. Short interest update: Median short interest (SI) for the Beverages group increased +3.4% since 8/15, while positions against the HPC group decreased -5.6%. In aggregate, short interest for the overall staples group decreased -3.0% since 8/15.”

According to TipRanks.com, Grundy is a 4-star analyst with an average return of 8.9% and a 67.5% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Skyline Champion Corporation, Coca-Cola European Partners, and Constellation Brands Inc.

Currently, the analyst consensus on Petiq Inc is a Strong Buy with an average price target of $33.

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The company has a one-year high of $43.19 and a one-year low of $17.03. Currently, Petiq Inc has an average volume of 698.9K.

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PetIQ, Inc. is a holding company, which engages in the manufacture, procurement, packaging, and distribution of pet health and wellness products. It operates through the Domestic and International segments. The Domestic segment involves the Unites States and Canada markets. The International segment deals with Europe.

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