PetMed Express, Inc. (PETS) in Pompano Beach, Fla., operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications and other health products through its internet website, mobile app, and telephone contact center. PETS had benefited largely from the pet-ownership and care trend seen during the pandemic’s peak. Pet industry sales in the United States surpassed the record-breaking $100 billion mark in 2020. Furthermore, approximately 70% of Americans surveyed in 2020 reported spending more time with their pets due to the social distancing regulations. Pet care companies enjoyed significant investor attention over the period.
However, the pandemic trade seems to be fading. PETS' shares have slumped 27.8% in price over the past year and 19.8% over the past six months to close yesterday’s trading session at $25.18. The stock hit its 52-week low of $21.64 on January 24.
