Chewy's a Cold Pet Stock That Could Be a Hot Dog in March
Most portfolios are faring pretty well these days. The major market indexes hit fresh highs on Friday, but not every stock is playing along. (NYSE: CHWY) is one of the former market darlings that didn't get the memo.
The online retailer of pet supplies has seen its shares sent to the doghouse. Chewy stock has plummeted 55% over the past year, down a blistering 85% from the all-time high it hit three years ago. This might seem to be a lousy time to warm up to this out-of-favor investment, but with a telltale financial report coming later this month this could also be the sound of a food bowl filling up. Let's see why Chewy could finally turn things around in March.
Business has slowed considerably for Chewy. Net sales rose just 8% in its fiscal third quarter, ended Oct. 29, just shy of market expectations. Chewy's CEO would point out how the platform grew market share relative to the industry's growth in the low single digits, but it wasn't enough. After seven consecutive quarters of posting top-line growth in the teens -- and much headier year-over-year gains before that -- it's the first time that Chewy failed to deliver a double-digit increase in net sales.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 38 Buy predictions and 3 Sell predictions.
With a target price of 27 € there is a positive potential of 20.86% for Chewy Inc compared to the current price of 22.34 €.
