- The stock price of PetIQ Inc (NASDAQ: PETQ) increased by over 6% during intraday trading today. This is why it happened.
The stock price of PetIQ Inc (NASDAQ: PETQ) increased by over 6% during intraday trading today. Investors appear to be responding positively to what was revealed in a Form 4 SEC filing.
The filing reveals that PetIQ CEO McCord Christensen acquired 50,000 shares of the company at an average price of $20.09. Christensen’s total transaction size is about $1,004,500 and it boosted his stake in the company by more than 700%.
Late last month, Benchmark analyst John Lawrence had initiated coverage of PetIQ with a “Buy” rating and $30 price target. Lawrence noted that the stock has been under pressure with the slowing of growth in wellness clinic revenue earlier this year. But Lawrence believes that more focus on the product business and better visibility of the services performance in the fourth quarter should be the catalysts for the shares.
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