MoPh Markets

Rightmove, Halfords, Pets at Home — 3 Stocks to Watch

A few companies in our coverage list are providing updates this week, with Halfords (LON: HFD) and Pets at Home (LON: PETS) making it onto our list of stocks to watch.

Meanwhile, our concerns regarding the housing market mean we have our eyes on Rightmove (RMV) once again. 

Halfords (HFD)

Google Trends data – Halford, UK, Past 5 Years
  • Halfords is set to report FY23 interim results on Wednesday, November 23.
  • The company’s shares are down 41% in 2022, although they have climbed 29.55% in the last three months.
  • Despite the macroeconomic uncertainty, we see demand for Halfords products and services remaining resilient.

Pets at Home (PETS)

Pets at Home Web Traffic – Source: Semrush
  • Pets at Home will also post its interim results on Wednesday, November 23. 
  • Again, like Halfords, PETS shares have had a tough year, declining 36%, although the recent rise has been less impressive, with a 3% rise in the last month.
  • Pet ownership during the pandemic boomed, leading to PETS reporting a growth in new customer acquisition in Q1, and although web traffic has dipped since February, it is still around November 2020 levels.
  • While the new customer acquisition growth may slow, given the market, spending is expected to remain resilient despite the macroeconomic downturn.

Rightmove (RMV)

Source: Trading Economics
  • Given the recent rise in stocks, our view on Rightmove became more neutral.
  • However, the slight wobble last week has brought it back into the spotlight for us, and we resume our bearish view on the stock. 
  • While browsing sites such as Rightmove and Zoopla, we noticed that houses we enquired about earlier in the year that were set to be sold are now being re-listed.
  • Given the recent inflation data and updates from housebuilders, we see further pressure building on the UK housing market and housing-related stocks such as Rightmove.

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