Central Garden & Pet Reaches New 52-Week High After Strong Quarterly Earnings
Central Garden & Pet (NASDAQ:CENT) Soars to New 52-Week High After Strong Quarterly Earnings
Central Garden & Pet (NASDAQ:CENT) saw its stock reach a new 52-week high on Thursday following the announcement of better than expected quarterly earnings. The stock traded as high as $44.66 and closed at $44.51, with a volume of 42394 shares changing hands. This surge in stock price came after the company reported earnings per share of $0.99 for the quarter, surpassing analysts’ consensus estimates of $0.83 by $0.16. Additionally, the company reported revenue of $900.10 million for the quarter, exceeding analyst estimates of $888.74 million.
Several brokerages have recently upgraded their ratings on Central Garden & Pet. Canaccord Genuity Group initiated coverage on the company with a “buy” rating and a price target of $52.00. TheStreet also upgraded Central Garden & Pet from a “c+” rating to a “b-” rating. Truist Financial raised their price target on the stock from $50.00 to $60.00 and gave it a “buy” rating.
In terms of insider trading, CAO Howard Machek and Director John Ranelli both sold shares of the company’s stock in February. Machek sold 5,000 shares at an average price of $36.40, while Ranelli sold 2,400 shares at $38.34. Institutional investors have also been active, with several large investors increasing their stakes in Central Garden & Pet.
The company has a 50-day simple moving average of $41.63 and a 200-day simple moving average of $36.39. Central Garden & Pet has a market cap of $3.13 billion, a PE ratio of 23.07, and a beta of 0.72.
Central Garden & Pet produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. The company operates through two segments: Pet and Garden, offering a wide range of products for pets and gardening enthusiasts.
Overall, Central Garden & Pet’s strong quarterly earnings and positive analyst ratings have contributed to its stock reaching a new 52-week high, signaling a promising outlook for the company in the coming months.
