Short Interest in Covetrus Inc (NASDAQ:CVET) Grows By 9.1%

Covetrus Inc (NASDAQ:CVET) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 15,270,000 shares, a growth of 9.1% from the December 15th total of 13,990,000 shares. Based on an average daily trading volume, of 2,270,000 shares, the days-to-cover ratio is currently 6.7 days. Currently, 15.7% of the company’s shares are short sold.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Covetrus during the second quarter worth about $207,795,000. State Street Corp acquired a new stake in shares of Covetrus during the third quarter worth about $33,241,000. First Trust Advisors LP acquired a new stake in shares of Covetrus during the third quarter worth about $18,819,000. Great West Life Assurance Co. Can acquired a new stake in shares of Covetrus during the third quarter worth about $11,615,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of Covetrus during the second quarter worth about $18,529,000. 91.71% of the stock is currently owned by institutional investors.

NASDAQ CVET opened at $13.70 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 1.66 and a debt-to-equity ratio of 0.86. The stock’s 50-day moving average is $13.48 and its 200-day moving average is $15.39. Covetrus has a one year low of $8.16 and a one year high of $43.83.

Covetrus (NASDAQ:CVET) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.09. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $963.69 million. Covetrus had a positive return on equity of 4.26% and a negative net margin of 23.15%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that Covetrus will post 0.63 EPS for the current year.

Several equities analysts have weighed in on the company. Credit Suisse Group cut their target price on Covetrus from $15.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Zacks Investment Research lowered Covetrus from a “buy” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $15.20.

Covetrus Company Profile

Covetrus, Inc engages in developing technologies and services for animal health industry. It also provides products, software, and services to help drive improved patient health, strong client relationships, and successful financial outcomes for veterinary professionals. The company was founded on April 13, 2018 and is headquartered in Melville, NY.

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