Invenomic Capital Management LP recently announced the acquisition of a new position in Petco Health and Wellness Company, Inc. This institutional investor purchased a total of 603,635 shares of Petco, amounting to an investment of approximately $2.7 million. As reported in their filing with the Securities and Exchange Commission, Invenomic now holds a 0.19% interest in the company.
Several other institutional investors have also made moves in the Petco stock recently. Notably, Caprock Group LLC purchased a new stake worth about $44,000 in the second quarter, while Choreo LLC followed suit with an investment of $45,000. Frank Rimerman Advisors expanded their stake by acquiring shares valued at $50,000, and Point72 Asia Singapore Pte. Ltd. significantly increased their holdings by 253.7%, now owning 11,231 shares valued at $51,000 after acquiring 8,056 additional shares. Meanwhile, nVerses Capital LLC entered the fray with an investment of approximately $52,000.
Analyst Ratings Changes
Petco’s stock, trading under the ticker WOOF, has been a hot topic among analysts. Recently, Royal Bank of Canada raised its target price from $3.00 to $3.50, giving the company an “outperform” rating. Wedbush also increased their price objective from $5.00 to $5.50 while maintaining the “outperform” designation. Citigroup raised its target price from $4.00 to $4.50, while Wells Fargo & Company adjusted theirs from $2.75 to $3.00, providing an “equal weight” rating. In contrast, The Goldman Sachs Group lowered their price objective from $5.00 to $4.00 while issuing a “buy” rating. Currently, the stock averages a “Hold” rating and a price target of $3.49 based on market analytics.
Petco Health and Wellness Stock Performance
The stock of Petco Health and Wellness (NASDAQ:WOOF) opened at $5.17 on Wednesday. Over the past year, the stock has seen a low of $1.41 and a high of $5.94. As of late, the company’s earnings report indicated an EPS of ($0.02), aligning with analysts’ expectations. The revenue reported for the quarter was $1.52 billion, slightly below expectations of $1.53 billion, revealing a decrease of 0.5% compared to the same quarter the previous year. Analysts anticipate the company will report earnings per share of -0.23 for the current fiscal year.
About Petco Health and Wellness
Petco Health and Wellness Company, Inc. operates across the United States, Mexico, and Puerto Rico, focusing on improving the lives of pets and their owners through its services. Petco offers a wide range of offerings, including veterinary care, grooming, training, and telehealth services, along with health insurance options for pets.
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