WOOF - This Pet Stock Is in the Doghouse but Right Now Could Be a Golden Buying Opportunity
2023-12-03 08:10:00 ET
It's been an ugly couple of years for Petco (NASDAQ: WOOF) .
Shares of the diversified pet products retailer are now down 90% from their peak (the 2021 initial public offering). A number of factors have combined to send the stock plunging.
The pet industry boomed during the pandemic, but in the economic reopening, demand has weakened as consumers shift their spending to other areas, especially those that were off-limits during the pandemic like travel and dining. Discretionary spending has gotten tighter in an inflationary environment. That's spelled trouble not just for Petco but also for peers like Chewy , which recently hit an all-time low.
For further details see:
This Pet Stock Is in the Doghouse, but Right Now Could Be a Golden Buying Opportunity