Why Trupanion Stock Dropped 15.6% This Week
's (NASDAQ: TRUP) stock price had plummeted 15.6% this week as of Friday morning at 9:45 a.m. ET, according to S&P Global Market Intelligence. Trupanion was trading at about $22 per share on Friday at that time, down about 54% year to date.
It has been a trying year for the pet insurance company. Inflation and higher veterinarian costs have hurt its bottom line, resulting in a $0.60-per-share net loss in the quarter, which missed analysts' consensus estimates. This has generally made it tough sledding for Trupanion despite revenue growth.
The decline occurred earlier in the week, mostly related to macroeconomic news. The markets were down on Tuesday because investors were jittery about Fed Chair Jerome Powell's testimony before Congress this week. He appeared Wednesday and said the Fed was not done with its rate-raising cycle but added that it would proceed with caution. Also, news that China and England raised rates this week had an impact on investors.
Source Fool.com
