Covetrus (NASDAQ:CVET) Shares Down 44.8% After Analyst Downgrade
Shares of Covetrus Inc (NASDAQ:CVET) traded down 44.8% during mid-day trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $30.00 to $18.00. Stifel Nicolaus currently has a hold rating on the stock. Covetrus traded as low as $12.40 and last traded at $12.81, 1,319,282 shares traded hands during trading. A decline of 15% from the average session volume of 1,555,402 shares. The stock had previously closed at $23.19.
Several other equities research analysts have also issued reports on CVET. Cleveland Research assumed coverage on Covetrus in a research note on Friday, May 10th. They set a “hold” rating for the company. Guggenheim assumed coverage on Covetrus in a research note on Thursday, May 23rd. They set a “neutral” rating for the company. ValuEngine lowered Covetrus from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Zacks Investment Research lowered Covetrus from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.75.
In other Covetrus news, Director Betsy S. Atkins sold 150,845 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $27.80, for a total transaction of $4,193,491.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Timothy Ludlow sold 81,498 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $28.01, for a total value of $2,282,758.98. The disclosure for this sale can be found here. Insiders have sold a total of 233,028 shares of company stock worth $6,495,656 in the last quarter.
Covetrus Company Profile (NASDAQ:CVET)
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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