Petco Health and Wellness (NASDAQ:WOOF) Shares Gap Down After Analyst Downgrade

Posted by on Mar 24th, 2023

Petco Health and Wellness Company, Inc. (NASDAQ:WOOF – Get Rating)’s stock price gapped down before the market opened on Wednesday after Evercore ISI lowered their price target on the stock from $12.00 to $10.00. The stock had previously closed at $10.17, but opened at $9.48. Evercore ISI currently has an in-line rating on the stock. Petco Health and Wellness shares last traded at $9.12, with a volume of 1,338,417 shares traded.

Other analysts have also recently issued reports about the company. Needham & Company LLC dropped their price objective on Petco Health and Wellness from $30.00 to $20.00 and set a “buy” rating for the company in a report on Monday, November 28th. Citigroup cut Petco Health and Wellness from a “buy” rating to a “neutral” rating and set a $11.00 price target for the company. in a research note on Monday, March 13th. Robert W. Baird lowered their price target on Petco Health and Wellness from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday. Wedbush lowered their price target on Petco Health and Wellness from $17.00 to $12.00 in a research note on Wednesday, March 15th. Finally, The Goldman Sachs Group lowered their price target on Petco Health and Wellness from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, December 1st. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Petco Health and Wellness has a consensus rating of “Moderate Buy” and an average price target of $12.40.

Hedge Funds Weigh In On Petco Health and Wellness

Several institutional investors and hedge funds have recently modified their holdings of WOOF. Mackenzie Financial Corp acquired a new position in shares of Petco Health and Wellness in the 1st quarter valued at approximately $128,843,000. Millennium Management LLC boosted its position in Petco Health and Wellness by 2,109.0% during the 4th quarter. Millennium Management LLC now owns 4,305,037 shares of the company’s stock worth $40,812,000 after acquiring an additional 4,110,147 shares during the last quarter. Macquarie Group Ltd. acquired a new position in Petco Health and Wellness during the 2nd quarter worth approximately $56,285,000. Norges Bank acquired a new position in Petco Health and Wellness during the 4th quarter worth approximately $21,521,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in Petco Health and Wellness by 62.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,274,846 shares of the company’s stock worth $40,526,000 after acquiring an additional 1,636,087 shares during the last quarter. 62.27% of the stock is currently owned by institutional investors and hedge funds.

Petco Health and Wellness Trading Down 3.5 %

The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.28 and a current ratio of 0.96. The business has a 50-day simple moving average of $10.63 and a two-hundred day simple moving average of $10.84. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 4.22 and a beta of 1.06.

About Petco Health and Wellness

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Petco Health and Wellness Company, Inc, a health and wellness company, focuses on enhancing the lives of pets, pet parents, and its Petco partners. The company provides veterinary care, grooming, training, tele-health, and Vital Care and pet health insurance services, as well as veterinary services through Vetco mobile clinics.

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