Shares of pet e-commerce company Chewy (NYSE: CHWY) fell on Friday after the company reported results for the second quarter of 2020. Growth was strong, and management was optimistic it can retain its newly acquired customers. As a result, many analyst firms raised their price targets on the stock. Nevertheless, Chewy stock was down 10% as of 3:15 p.m. EDT.
Part of the sell-off may be related to another piece of news that dropped yesterday. Prior to the earnings release, CEO Sumit Singh sold some of his Chewy stock.
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Source Fool.com