Why Freshpet Stock Pulled Back Today
Shares of Freshpet (NASDAQ: FRPT) finished lower today even though there was no news out on the maker of natural pet foods. Instead, the stock seemed to get swept up in the broader sell-off around the coronavirus, and shares finished the day down 10.5% against the 7.6% loss for the S&P 500.
The pet-food industry tends to be resilient to recessions and other economic shocks. Pets need to eat whether the economy is good or bad, after all, and during the last recession, spending on pets continued to grow in spite of the financial crisis. Americans, it seems, don't want to deprive their pets even when times are tough.
Image source: Freshpet.
Source Fool.com
