Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) reported better-than-expected results for its third quarter on Thursday.
The company posted a quarterly loss of 1 cents per share versus market estimates of a loss of 4 cents per share. The company reported quarterly sales of $1.51 billion which beat the analyst consensus estimate of $1.50 billion.
"Our third quarter results demonstrate the meaningful progress we're making to strengthen our retail fundamentals to drive sustainable, profitable growth," said Joel Anderson, Petco's Chief Executive Officer. "While there is more work to do, our improving results increase our conviction that we are on the right path to position Petco to win long-term. Our entire organization is focused on driving profitability and free cash flow, and I'm confident we're set up for a solid finish to 2024."
Petco Health shares gained 16.9% to trade at $5.73 on Friday.
These analysts made changes to their price targets on Petco Health following earnings announcement.
- Wells Fargo analyst Zachary Fadem maintained Petco Health and Wellness with an Equal-Weight and raised the price target from $3 to $5.
- RBC Capital analyst Steven Shemesh maintained the stock with an Outperform and boosted the price target from $5 to $6.
- Morgan Stanley analyst Simeon Gutman maintained Petco Health and Wellness with an Equal-Weight and raised the price target from $3 to $6.
- Wedbush analyst Seth Basham maintained Petco Health and Wellness with an Outperform and boosted the price target from $5.5 to $6.
Considering buying WOOF stock? Here's what analysts think:
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