Covetrus, Inc. (NASDAQ:CVET) Sees Significant Increase in Short Interest

Covetrus, Inc. (NASDAQ:CVETGet Rating) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totalling 3,240,000 shares, a growth of 21.8% from the April 15th total of 2,660,000 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 756,100 shares, the days-to-cover ratio is currently 4.3 days.

CVET has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Covetrus from $38.00 to $26.00 in a research note on Monday, May 9th. Zacks Investment Research upgraded Covetrus from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Covetrus currently has a consensus rating of “Buy” and a consensus target price of $25.17.

CVET stock opened at $17.27 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.86 and a quick ratio of 1.03. The company’s fifty day moving average price is $15.87 and its 200-day moving average price is $17.32. Covetrus has a one year low of $13.39 and a one year high of $29.01.

Covetrus (NASDAQ:CVETGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.22 by $0.03. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Covetrus had a negative net margin of 0.87% and a positive return on equity of 1.92%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. As a group, analysts anticipate that Covetrus will post 0.83 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of CVET. BNP Paribas Arbitrage SA grew its holdings in Covetrus by 7.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 110,585 shares of the company’s stock valued at $1,857,000 after buying an additional 7,678 shares in the last quarter. Gabelli Funds LLC boosted its position in shares of Covetrus by 26.4% during the 1st quarter. Gabelli Funds LLC now owns 106,568 shares of the company’s stock valued at $1,789,000 after acquiring an additional 22,268 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Covetrus by 2.4% in the first quarter. Gamco Investors INC. ET AL now owns 206,486 shares of the company’s stock valued at $3,467,000 after purchasing an additional 4,899 shares in the last quarter. Jane Street Group LLC increased its position in Covetrus by 11.4% in the first quarter. Jane Street Group LLC now owns 18,356 shares of the company’s stock worth $308,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Covetrus in the first quarter worth $43,000. Institutional investors own 93.99% of the company’s stock.

Covetrus Company Profile (Get Rating)

Covetrus, Inc, together with its subsidiaries, operates as an animal-health technology and services company. It engages in the sale of animal-health consumable products, including proprietary and Covetrus branded products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, parasiticides, and vitamins and supplements to wholesale and retail customers.

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