Signet Jewelers (SIG) stock plummeted 5.02% in the pre-market session on Monday. The jewelry retailer's shares faced selling pressure despite the company's strategic initiatives aimed at driving growth.

In a report released today, Bank of America Securities analyst Lorraine Hutchinson maintained a "Hold" rating on SIG stock, acknowledging the company's efforts but also highlighting market challenges. Hutchinson noted that while Signet is undertaking measures to improve customer experience and expand its digital presence, headwinds stemming from inflationary pressures and a potential slowdown in consumer spending could weigh on the company's performance.