CHWY - Why Are Pet Stocks Going to the Dogs Again?
2023-03-23 11:45:00 ET
Pets can be loyal and therapeutic companions, providing a steady presence in your life, but you can't say the same about owning some of the country's most popular stocks specializing in pet care these days. Shares of Petco Health and Wellness (NASDAQ: WOOF) hit a new all-time low on Wednesday, plummeting 18% after the company offered a disappointing near-term outlook .
On Thursday morning, it was Chewy 's (NYSE: CHWY) turn to go to the doghouse. Shares of the online retailer opened lower despite posting better-than-expected results, and -- unlike Petco -- issuing 2023 revenue guidance that exceeded analyst expectations. The stock was still downgraded by Deutsche Bank following the fresh financials.
Keeping the theme going because it's raining cats and -- well, you know -- Erin Wright at Morgan Stanley lowered her price target on PetMed Express (NASDAQ: PETS) on Thursday. The pet wellness specialist didn't post quarterly financials this week the way that Petco and Chewy did. The move was done partly in sympathy with the financial updates provided by the other two companies earlier this week, but a veterinary industry tracker also notes that vet visits have declined slightly so far this year.
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Why Are Pet Stocks Going to the Dogs Again?