Price Target Raised by Wells Fargo
Petco Health and Wellness (NASDAQ:WOOF) received a boost from Wells Fargo & Company, which raised its price target from $3.00 to $5.00 in a research note released to investors. This adjustment, made on Friday, indicates a potential downside of 17.22% from the stock’s previous close.
The brokerage currently holds an “equal weight” rating on the stock, a sentiment echoed by several other brokerages. For instance, Wedbush increased its target price on Petco from $5.00 to $5.50, emphasizing its “outperform” rating. In contrast, the Goldman Sachs Group lowered its price objective from $5.00 to $4.00 while maintaining a “buy” rating.
Stock Performance Overview
On Friday, Petco Health and Wellness stock opened at $6.04, showing volatility amid recent evaluations. The company’s fifty-day moving average price stands at $4.59, while the 200-day moving average is at $3.82. It has experienced a 52-week range of $1.41 to $6.04.
Institutional Investor Activity
Institutional investors continue to show interest in Petco, with notable activities reported in recent quarters. Franklin Resources Inc. increased its holdings by an impressive 362.3%, and Geode Capital Management also boosted its stake by 9.2%. This suggests growing institutional confidence in the company amid contrasting analyst opinions.
About Petco Health and Wellness
Petco Health and Wellness operates as a leading health and wellness company for pets, focusing on enhancing the lives of pets and pet parents through diverse services such as veterinary care, grooming, training, and mobile clinics.
Conclusion
Given the mixed ratings from analysts and the fluctuations in price targets, prospective investors should closely monitor Petco’s market developments and consider both analyst predictions and market performance when making investment decisions.
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