PETS Slow and Steady Pullback to Base
PETS bouncing off of major support.
PETS may not be as well known as CHWY and CVET, but has been around longer and has pretty stable 3.5% dividend, that the other hot animal care stocks don't have.
The recent sell-off after earnings could be worrisome, but that is because it missed Q1 high expectations by just .01. PETS did pick up over 186000 new customers, which was almost 50000 more than analyst were expecting. Also keep in mind that PETS has a very strong tendency to run up into earnings and sell off for a week after the print no matter how good it was.
Technically, PETS has formed a very nice base / consolidation between $30-$32. This base also corresponds to the rising trend line and channel midpoint.
My plan:
long $31-32
stop 29
first price target $38
PETS may not be as well known as CHWY and CVET, but has been around longer and has pretty stable 3.5% dividend, that the other hot animal care stocks don't have.
The recent sell-off after earnings could be worrisome, but that is because it missed Q1 high expectations by just .01. PETS did pick up over 186000 new customers, which was almost 50000 more than analyst were expecting. Also keep in mind that PETS has a very strong tendency to run up into earnings and sell off for a week after the print no matter how good it was.
Technically, PETS has formed a very nice base / consolidation between $30-$32. This base also corresponds to the rising trend line and channel midpoint.
My plan:
long $31-32
stop 29
first price target $38
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