Why Chewy Stock Got Mashed in May
There were some tasty treats for investors to enjoy on the stock market last month, but pet goods specialist (NYSE: CHWY) wasn't one of them. Cautious remarks from company CEO Sumit Singh, combined with a set of analyst price target cuts, drained investor enthusiasm for the company's equity. It exited May down by more than 11%.
In mid-month, Singh gave a fireside chat about Chewy's business at the J.P. Morgan 54th Annual Global Technology, Media, and Communications Conference. While he pointed out numerous positives underlying the company's business -- such as its estimated total addressable market of roughly $160 billion -- he added that consumers were feeling the pressure of a challenged economy.
Image source: Getty Images.
Source Fool.com
Chewy Inc Aktie
20,80 €
0,38 %
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