10 Best Pet Stocks To Buy Now
The pet industry saw a huge growth in 2020 amid the coronavirus crisis. As people were forced to stay at home, they preferred to spend time with pets. In 2019, the pet care market reached $255 billion. The number is expected to increase to $358 billion by 2027 with a compound annual growth rate (CAGR) of 6%.
The pet industry consists of a broad variety of products such as food, clothing, grooming, and similar commodities. According to the US Bureau of Labor Statistics, the pet industry provides 189,384 jobs to the American economy.
Technology and the Pet Industry
Technology is rapidly changing the pet industry. In 2018, the global pet tech market was valued at $4.5 billion and is expected to grow over $20 billion by 2025. For instance, the online pet care company Rover helps coordinate dog sitters with pet owners. In 2018, the company raised a total of $91.5 million. The online pet care company is planning to go public through a merger with Nebula
5 Best Pet Stocks To Buy Now
10 Best Pet Stocks To Buy Now
5. Elanco Animal Health, Inc. (NYSE:ELAN)
No of HFs: 43
Total Value of HF Holdings: $1.49 Billion
Headquartered in Indiana, United States, Elanco Animal Health, Inc. operates an innovative and product and solution company that aims to enhance animal health. The company was founded in 1954 and held its IPO in 2018 priced at $24 per share. Shares of ELAN soared 32% over the last twelve months. At the end of the fourth quarter, ELAN reported a 44% year-over-year increase in revenue to $1.1 billion.
With an $853 million stake in Elanco Animal Health, Inc., Scott Fergusons’ Sachem Head Capital owns 27 million shares of the company as of the end of the fourth quarter of 2020. Our database shows that 43 hedge funds held stakes in ELAN at the end of the fourth quarter, versus 21 funds at the end of the third quarter.