Pet Valu (TSE:PET) Stock Jumps 6.4% – Here’s What Happened

Pet Valu Holdings Ltd. (TSE:PET) shares shot up 6.4% during mid-day trading on Tuesday. The stock traded as high as C$23.01 and last traded at C$22.90. 390,980 shares were traded during trading, an increase of 83% from the average daily volume of 213,962 shares. The stock had previously closed at C$21.52.

Analyst Ratings Changes

Several research firms have commented on PET. Barclays lifted their target price on shares of Pet Valu from C$17.00 to C$19.00 in a research note on Wednesday, August 12th. Canadian Imperial Bank of Commerce raised Pet Valu to a “strong-buy” rating in a research note on Wednesday, October 7th. Raymond James Financial lowered Pet Valu from an “outperform” rating to a “market perform” rating and increased their price target for the stock from C$21.00 to C$23.00 in a research note on Wednesday, August 12th. Royal Bank Of Canada decreased their price objective on Pet Valu from C$26.00 to C$24.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Finally, National Bank Financial raised Pet Valu from a “hold” rating to an “outperform” rating and lifted their price objective for the company from C$23.00 to C$24.00 in a research report on Monday, November 2nd. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of C$25.00.

Pet Valu Stock Performance

The firm has a market capitalization of C$1.55 billion, a PE ratio of 16.16 and a beta of 1.16. The company’s fifty day moving average price is C$18.89 and its two-hundred day moving average price is C$20.81.

Pet Valu (TSE:PET) last released its earnings results on Tuesday, November 10th. The company reported C$0.44 earnings per share (EPS) for the quarter. Pet Valu had a net margin of 8.31% and a return on equity of 110.16%. The firm had revenue of C$299.52 million during the quarter. On average, equities analysts expect that Pet Valu Holdings Ltd. will post 1.68 earnings per share for the current year.

About Pet Valu

Pet Valu is Canada’s leading retailer of pet food and pet-related supplies with over 800 corporate-owned or franchised locations across the country. For 50 years, Pet Valu has earned the trust and loyalty of pet parents by offering knowledgeable customer service, an extensive product offering and engaging in-store services. Through its local neighbourhood stores and digital platform, Pet Valu offers more than 10,000 competitively-priced products, including a broad assortment of exclusive, holistic and award-winning proprietary brands.