Covetrus (NASDAQ:CVET) Shares Gap Down Following Analyst Downgrade

Covetrus Inc (NASDAQ:CVET)’s stock price gapped down prior to trading on Thursday after Raymond James lowered their price target on the stock from $45.00 to $21.00. The stock had previously closed at $11.24, but opened at $12.35. Raymond James currently has an outperform rating on the stock. Covetrus shares last traded at $14.19, with a volume of 89,884 shares changing hands.

CVET has been the topic of a number of other reports. ValuEngine downgraded shares of Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday. Stifel Nicolaus dropped their price objective on shares of Covetrus from $30.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday. Guggenheim started coverage on shares of Covetrus in a research report on Thursday, May 23rd. They issued a “neutral” rating on the stock. Zacks Investment Research downgraded shares of Covetrus from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Cleveland Research began coverage on shares of Covetrus in a research report on Friday, May 10th. They issued a “hold” rating on the stock. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $25.75.

In related news, Director Betsy S. Atkins sold 150,845 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $27.80, for a total value of $4,193,491.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $2,282,758.98. The disclosure for this sale can be found here. Insiders sold a total of 233,028 shares of company stock worth $6,495,656 over the last ninety days.

The firm’s 50-day moving average is $23.76. The company has a current ratio of 1.82, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51.

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.

Featured Article: Stop Order Uses For Individual Investors

Receive News & Ratings for Covetrus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Covetrus and related companies with MarketBeat.com's FREE daily email newsletter.