Why Chewy Stock Got Mashed in May
The company's CEO sounded a cautious note about consumers at an industry conference that month.
Why Chewy Stock Got Mashed in May
Overview
There were some tasty treats for investors to enjoy on the stock market last month, but pet goods specialist Chewy (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.
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Originally published at www.fool.com.
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