Chewy Inc CHWY shares are trading lower by 4.5% to $18.57 Wednesday morning after Oppenheimer analyst Rupesh Parikh downgraded shares from Outperform to Perform. The stock is also falling on downward momentum after the company last Friday filed for a mixed shelf offering.
Additionally, Chewy shares are down some 32% over the trailing month on continued weakness after the company reported second-quarter results.
See Also: Chewy Q2 Earnings Highlights: Revenue Beat, EPS Beat, Autoship Sales Shine Through
Chewy says the company, unless specifying otherwise in a prospectus supplement, intends to use the net proceeds from the sale of securities to provide additional funds for general corporate purposes.
This may include repaying or refinancing debt, funding investments in, or extensions of credit to, subsidiaries, financing acquisitions, working capital and redeeming or repurchasing outstanding securities.
According to data from Benzinga Pro, CHWY has a 52-week high of $52.88 and a 52-week low of $18.49.
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