Wag! Group (NASDAQ:PET) Cut to “Hold” at Lake Street Capital

Wag! Group (NASDAQ:PET) was downgraded by equities researchers at Lake Street Capital from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. Craig Hallum downgraded Wag! Group from a “buy” rating to a “hold” rating in a report on Thursday. Oppenheimer decreased their target price on Wag! Group from $6.00 to $3.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Roth Mkm decreased their target price on Wag! Group from $4.00 to $3.50 and set a “buy” rating for the company in a report on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.40.

Wag! Group Stock Performance

Shares of NASDAQ PET opened at $0.17 on Wednesday. The company has a market cap of $8.54 million, a PE ratio of -0.45 and a beta of 1.79. The business has a 50-day simple moving average of $0.77 and a two-hundred day simple moving average of $1.22. Wag! Group has a fifty-two week low of $0.14 and a fifty-two week high of $2.47.

Insider Activity at Wag! Group

In related news, CFO Alec Davidian sold 36,204 shares of Wag! Group stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $0.72, for a total transaction of $26,066.88. Following the completion of the transaction, the chief financial officer now directly owns 839,400 shares in the company, valued at approximately $604,368. This trade represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Patrick Mccarthy sold 46,544 shares of Wag! Group stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $0.72, for a total value of $33,511.68. Following the transaction, the chief marketing officer now owns 722,605 shares of the company’s stock, valued at approximately $520,275.60. This represents a 6.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 251,727 shares of company stock worth $188,048. 23.20% of the stock is owned by corporate insiders.

Institutional Trading of Wag! Group

A hedge fund recently bought a new stake in Wag! Group stock. Cowen AND Company LLC purchased a new position in shares of Wag! Group Co. (NASDAQ:PET) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 45,000 shares of the company’s stock, valued at approximately $72,000. Cowen AND Company LLC owned approximately 0.11% of Wag! Group as of its most recent filing with the Securities & Exchange Commission. 86.16% of the stock is currently owned by hedge funds and other institutional investors.

About Wag! Group

Wag! Group Co develops and supports a proprietary marketplace technology platform available as a website and mobile app that enables independent pet caregivers to connect with pet parents. Its platform allows pet parents, who require specific pet care services, such as dog walking, pet sitting and boarding, advice from licensed pet experts, home visits, training, and pet insurance comparison tools.