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Why PetIQ Stock Tanked on Friday

TheMotleyFool

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Shares of PetIQ (NASDAQ: PETQ) fell Friday after the company delivered its second-quarter results. Revenue hit a new record high and comments from management sounded positive, but the company also issued guidance predicting a drop in revenue in the third quarter, which didn't sit well with investors. As of 1:20 p.m. EDT, the stock was down more than 16%.

Perhaps traders didn't need much of an excuse to sell -- they can get antsy when a stock is up big, and PetIQ stock was trading near its 52-week high after more than doubling from the all-time low it touched in March.