Down 35% in 2023, Chewy Stock Still Looks Too Expensive
Online pet products retailer (NYSE: CHWY) is successfully competing with retail giants like Amazon and Walmart. Revenue reached $2.78 billion in the second quarter, up 14.3% year over year as customers ramped up their spending. The company is profitable as well, although just barely. Net income slumped a bit to $19 million in Q2.
Despite Chewy's growing sales, the stock has been hammered over the past few years. This year alone, Chewy stock is down about 35% following its post-earnings rout. Since peaking during the pandemic, the stock has tumbled by nearly 80%.
This steep decline doesn't make Chewy stock a bargain. Given the headwinds the company is facing, Chewy stock still looks too expensive.
Source Fool.com
Chewy Inc Stock
€23.64
1.310%
The stock is one of the favorites of our community with 36 Buy predictions and 4 Sell predictions.
With a target price of 27 € there is a slightly positive potential of 14.24% for Chewy Inc compared to the current price of 23.64 €.
