Courtesy of Benzinga.
Petmed Express Inc (NASDAQ: PETS) shares are trading higher by $6.16, 15 percent, at $46.70 in Monday’s session. The catalyst for the rally far beyond its former all-time high was a Q1 beat of 7 cents along with a sales beat of $2.32 million.
After a much higher open, well above its former all-time high from Friday ($40.55), it had a brief retreat to $42.82 before continuing its move higher. It has continued to make new highs for the session, with the current one standing at $46.75 as of 11:40 a.m. EST.
With just over four hours remaining, it has far surpassed its 20-day average volume of 571,000 as 1.9 million shares have traded. It should be noted the stock had an above normal average volume day on Friday as 1 million shares changed hands, a double of its 20-day average volume.
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