In a report released yesterday, Kevin Grundy from Jefferies maintained a Buy rating on Petiq Inc (NASDAQ: PETQ). The company’s shares closed yesterday at $27.20.
Grundy commented:
“Median short interest for the Beverages group decreased -2.3% since 7/13, while positions against Household Products increased +2.8% during the same period. Among the largest Beverages increases since 7/13 were PEP (+62%), COT (+15%), and KO (+9%); among the largest HPC increases were CLX (+19%), PG (+4%), and NWL (+1%). Median days to cover for Beverages are 2.2 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 -2.3% since 7/13, while positions against the HPC group increased +2.8%. In aggregate, short interest for the overall staples group increased +1.1% since 7/13. Short interest levels increased for 16 of the 30 companies in our composite Staples index.”
According to TipRanks.com, Grundy is a 4-star analyst with an average return of 6.5% and a 66.1% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners, Edgewell Personal Care, and Monster Beverage Corp.
Currently, the analyst consensus on Petiq Inc is a Strong Buy with an average price target of $28.67.
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The company has a one-year high of $29.55 and a one-year low of $17.03. Currently, Petiq Inc has an average volume of 376.3K.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PETQ in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
