What's Going On With Chewy Stock Today?

Chewy Inc CHWY shares are trading lower Wednesday after Piper Sandler cut its price target ahead of the company's earnings results.

Piper Sandler analyst Peter Keith maintained Chewy with a Neutral rating and lowered the price target from $45 to $29, citing net add and profitability concerns.

Chewy is set to announce its first-quarter financial results after the market closes. 

The e-commerce pet care retailer is also seeing downward pressure amid overall market weakness surrounding continued Fed uncertainty. The Federal Reserve is in the midst of what is expected to be its most aggressive tightening cycle in more than 40 years as the central bank attempts to tame runaway inflation.

JP Morgan Chase & Co JPM CEO Jamie Dimon on Wednesday expressed concerns about an impending quantitative tightening storm.

"You’d better brace yourself," Dimon said, noting that he's preparing JPMorgan for an economic "hurricane."

See Also: Amazon Stock Continues To Surge: What's Going On?

CHWY Price Action: Chewy shares have traded between $22.22 and $97.74 over a 52-week period.

The stock was down 4.51% at $23.68 at press time, according to data from Benzinga Pro.

Photo: TheDigitalWay from Pixabay.