Chewy Shares Are Sliding Thursday: What's Going On?

Chewy Inc CHWY shares are trading lower Thursday after the company reported second-quarter financial results. Multiple analysts cut price targets on the stock Thursday morning.

• Q2 Revenue: $2.78 billion beat estimates of $2.76 billion
• Q2 EPS: 15 cents beat estimates for a loss of 5 cents

"Chewy once again gained share as our customers recognize the power of our personalized Autoship service, best-in-class healthcare experience, and overall value proposition as key differentiators, resulting in robust ordering behavior, which in turn is driving our strong performance," said Sumit Singh, CEO of Chewy.

Check This Out: Chewy Q2 Earnings Highlights: Revenue Beat, EPS Beat, Autoship Sales Shine Through

Analyst Changes: 

• Barclays analyst Trevor Young maintained Chewy with an Equal-Weight and lowered the price target from $35 to $28.
• Evercore ISI Group analyst Mark Mahaney downgraded Chewy from Outperform to In-Line and lowered the price target from $53 to $35.
• Needham analyst Anna Andreeva maintained Chewy with a Buy and lowered the price target from $55 to $45.
• Oppenheimer analyst Rupesh Parikh maintained Chewy with an Outperform and lowered the price target from $50 to $35.

CHWY Price Action: Chewy shares were down 5.96% at $25.70 at the time of publication, according to Benzinga Pro.

Photo: Kris from Pixabay.