PetMed Express, Inc. (PETS), a company that operates as a pet pharmacy in the US, has declined 0.51% during the premarket trading session and consequently is trading at $23.50 at the time of the writing. On Monday, the stock closed the day at $23.62 after declining 1.62% during the regular trading session. The decline could be attributed to the announcement of quarterly results, as the reported earnings and revenue by the company have missed the estimates.
Why PETS Declining?
On Monday, PETS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 31st December 2021. The company generated net sales of $60.71 million during the quarter against $65.8 million for the same quarter of 2020. The total operating expenses bore by the company during the three months were $12.5 million against $10.3 million for the same three month period of 2020. The net income generated by the company during the period was $4.2 million (or $0.21 per basic and diluted share) against $7.6 million (or $0.38 per basic and diluted share) for the same period of 2020.
Top 5 EV Tech Stocks to Buy for 2023
The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".
Click Here to Download the FREE Report.
Sponsored
Financial Highlights
Alongside the operational results, PETS also released the financial highlights of the quarter. The company had cash and cash equivalents of $108.91 million on 31st December. The total current assets in possession of the company on the said date were $142.9 million, while the total assets were estimated to be $168.4 million. On the said date, the total current liabilities payable by the company were $26.2 million, while the total liabilities were estimated to be $27.5 million.
Executive Commentary
While commenting on the results, Matt Hulett, CEO and President of PETS said that the company is executing rapidly against its business transformation across people, process, and product. The future of the company is much broader than just a prescription eCommerce company. The company expects to show progress in the coming quarters as it is developing into a broader expert health and wellness offering.
Future Outlook for PETS
During the last three months, PETS stock has declined by approximately 12%. Looking forward, the analyst believes that there are no positive signals for the stock at the moment, so they are holding a negative evaluation of the stock looking well into the future. Potential investors should keep that in mind while deciding on their investment.
