Covetrus (NASDAQ:CVET) Trading Down 44.8% Following Analyst Downgrade
Covetrus Inc (NASDAQ:CVET) shares traded down 44.8% during 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 were traded during mid-day 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 research analysts have also commented on the company. Guggenheim assumed coverage on Covetrus in a research report on Thursday, May 23rd. They issued a “neutral” rating for the company. ValuEngine lowered Covetrus from a “buy” rating to a “hold” rating in a research report on Tuesday. Cleveland Research assumed coverage on Covetrus in a research report on Friday, May 10th. They issued a “hold” rating for the company. Finally, Zacks Investment Research lowered Covetrus from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Covetrus 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 firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $27.80, for a total value of $4,193,491.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Timothy Ludlow sold 81,498 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was 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. In the last three months, insiders sold 233,028 shares of company stock valued at $6,495,656.
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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