Jefferies analyst Kevin Grundy maintained a Buy rating on Petiq Inc (NASDAQ: PETQ) today. The company’s shares opened today at $37.51, close to its 52-week high of $40.04.
Grundy noted:
“Median short interest for the Beverages group decreased -1.6% since 7/31, while positions against Household Products decreased -6.2% during the same period. Among the largest decreases in Beverages since 7/31 were KDP (-34%), PEP (-20%), and KO (-6%); among the largest decreases in HPC were KMB (-17%), CLX (-15%), and EPC (-14%). Median days to cover for Beverages are 2.3 and 6.7 for HPC. On the long side, we favor and MNST. Short interest update: Median short interest (SI) for the Beverages group decreased -1.6% since 7/31, while positions against the HPC group decreased -6.2%. In aggregate, short interest for the overall staples group decreased -2.5% since 7/31.”
According to TipRanks.com, Grundy is a 4-star analyst with an average return of 8.9% and a 67.0% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners, Edgewell Personal Care, and Monster Beverage Corp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Petiq Inc with a $34.33 average price target, representing a -8.5% downside. In a report issued on August 15, Oppenheimer also maintained a Buy rating on the stock.
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Based on Petiq Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.5 million. In comparison, last year the company had a net profit of $6.07 million.
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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.
