Petmed Express Inc (NASDAQ:PETS) issued the following statement in response to market activity in its common stock.
A false and defamatory “report” was published today by Aurelius Value. We believe that this “report” was intended to severely manipulate our stock price downward in support of short sellers. PetMed Express, Inc. categorically denies the allegations and its implications. We are in the process of reporting this manipulation to the appropriate regulators. While the Company dispenses Tramadol and Gabapentin, which represent less than 1% of annual revenue, it is done exclusively pursuant to valid prescriptions from veterinarians for the treatment of animals only. PetMed Express, Inc. will defend itself vigorously against these false allegations, and is also reviewing all legal options at its disposal to hold the author(s) of this article responsible for the baseless attack which has, as of this press release, caused its stock to decrease substantially. Shareholders are cautioned against reacting to the false statements being made. Our financial statements have been and are routinely audited; and we reiterate that we stand behind the integrity of our financial statements and SEC filings.
Shares of Petmed Express are currently trading at $36.28, down $3.13 or -7.94%. PETS has a 1-year high of $50.90 and a 1-year low of $18.90. The stock’s 50-day moving average is $44.40 and its 200-day moving average is $31.51.
On the ratings front, PETS has been the subject of a number of recent research reports. In a report issued on August 21, Craig-Hallum analyst Kevin Ellich reiterated a Hold rating on PETS, with a price target of $40, which represents a slight upside potential from current levels. Separately, on July 27, Noble Financial’s Mark Jordan reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kevin Ellich and Mark Jordan have a yearly average return of 12.6% and 0.7% respectively. Ellich has a success rate of 71% and is ranked #525 out of 4611 analysts, while Jordan has a success rate of 55% and is ranked #2455.
PetMed Express, Inc. engages in the provision of markets prescription and non-prescription pet medications, health products and supplies for dogs and cats. Its non-prescription medications include flea and tick control products, bone and joint care products, vitamins and nutritional supplements, and hygiene products; and it also offers prescription medications include heartworm preventatives, arthritis, thyroid, diabetes and pain medications, antibiotics and other specialty medications, as well as generic substitutes. The firm markets its products through national television, online and direct mail/print advertising campaigns. The company’s products include a majority of brands of medication such as Frontline Plus, K9 Advantix II, Advantage II, Heartgard Plus, Sentinel, Revolution and Rimadyl. Petmed Express was founded in January 1996 and is headquartered in Pompano Beach, FL.