THE RATINGS GAME
Petco Health & Wellness Co. has shifted its business away from bricks-and-mortar pet food retail and is now once again a publicly traded company poised for growth.
“The company is in the midst of a transformation under new CEO Ron Coughlin, developing a fully-integrated comprehensive pet care ecosystem to serve the 50% of pet parents who prefer a one-stop experience that cannot be matched by online-only competitors,” wrote Wedbush analysts led by Seth Basham.
Wedbush notes that Petco was a private company for 14 years before trading began last month.
Moreover, Petco has gone public after a surge of pet ownership during COVID-19, with adoptions increasing 4% in 2020, analysts say.