As I write this, shares of pet e-commerce company (NYSE: CHWY) are hitting all-time lows of $17.51 -- maybe they'll be even lower by the time you're reading this. It's about an 85% drop from the stock's all-time high. I think I know the things that have caused the market to completely abandon this former market darling.

But I believe the market is dead wrong to give up on it so soon. If I'm right, Chewy stock is a wonderful buy today. Here's why.

The trends benefiting Chewy aren't new. Pet ownership in the U.S. is strong at 66% of households and spending is expected to increase 5% this year,  according to the American Pet Products Association. Pew Research Center found that 97% of pet owners consider pets to be family members, suggesting spending on them isn't considered discretionary. And global e-commerce sales are expected to rise from 19.5% of retail spending in 2023 to 23% in 2027, according to Statista.

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Source Fool.com