This Pet Stock Is in the Doghouse, but Right Now Could Be a Golden Buying Opportunity
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 , which recently hit an all-time low.
Source Fool.com
Chewy Inc Stock
€23.06
0.020%
The stock is one of the favorites of our community with 38 Buy predictions and 3 Sell predictions.
With a target price of 28 € there is a positive potential of 21.45% for Chewy Inc compared to the current price of 23.06 €.
