Market Overview

Petmed Express Sharply Higher After Q2 Beat

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Petmed Express Inc (NASDAQ: PETS) shares are trading higher by $7.71 or 20.99 percent at $44.5 in Monday's session. The catalyst for the rally is a second-quarter EPS beat of 13 cents along with a sales beat of $3.35 million.

After a higher open, it had a brief $1.00-plus retreat to $43.27 before continuing its move higher. The ensuing rally has taken the issue all the way to $46.94 but has not been able to hold that elevated level. That high comes in above its Aug. 17 high ($46.56) and just shy of its Aug. 16 high ($47.00).

The company made its all-time high in July at $50.90 just a few days after its Q1 beat on July 24, but swooned to $31.92 in August. The catalyst for that decline was when the company was targeted by Aurelius Value for exploiting the Opioid epidemic in America.

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