On June 11, Chewy fell 7.91% in regular trading, trading at $18.93/share, with trading volume of $31.55 million. The decline was driven by a significant target price cut from Piper Sandler and continued selling pressure following the prior session's earnings release.

Piper Sandler cut its price target on Chewy from $48 to $30, a 37.5% reduction, while maintaining its overweight rating. The analyst consensus mean target stands at $40.10. This downgrade compounded pressure from the company's Q1 earnings report released the prior trading day, where despite beating expectations — adjusted EPS of $0.43 vs. consensus $0.39 (up 22.86% YoY) and revenue of $3.357 billion vs. $3.352 billion expected — the company lowered its full-year sales guidance citing softer consumer spending.

The selloff reflects a pattern previously flagged by analysts: even when Chewy delivers upside results, investors have recently been inclined to take profits. The guidance reduction, signaling caution around discretionary pet spending, amplified concerns and triggered extended selling into the second session.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)