Today’s moves in various high-flying short squeeze plays has taken investors on a wild ride. Those riding the conventional favorites on social media sites like r/WallStreetBets have made really impressive gains. One lesser-discussed stock which is also soaring is PetMed Express (NASDAQ:PETS). PETS stock closed higher by nearly 60%.
Like its heavily shorted peers, PETS stock has been a focus of retail investors for some time. Currently, the company’s short volume ratio sits at around 27%. Indeed, this level of short interest is enough to incite short squeezers to buy this stock in force.
And buy they are. Today, PETS stock has already seen nearly 20-times the average daily volume trade hands.
Let’s take a closer look at PetMed Express for those unaware of what the company does.
PETS Stock: An Online Pharmacy With Short-Squeeze Upside
- PetMed Express touts itself as “America’s most trusted pet pharmacy.”
- As its name would suggest, the company provides medications, as well as a range of other goods, via an e-commerce platform.
- Similar to rival Chewy (NYSE:CHWY), PetMed is after the tech-savvy pet owner.
- Indeed, the company’s business model appears to be working well. Unlike many of its peers, PetMed has bene consistently profitable in recent quarters.
- Accordingly, this stock is often viewed as a value play on the e-commerce discretionary pet segment.
- Slower top-line growth has resulted in higher short interest for PETS stock of late.
- Thus, retail investors have piled into this stock in a big way of late, causing volatile swings in the price of PETS stock this year.
- PETS stock started the year trading at around $33 per share. During the last retail investor-fueled spike, this stock went as high as $57 per share.
- Currently, PETS has soared to $46 per share at the time of writing on this latest spike higher.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.