Chewy Inc. ($CHWY) Stock Down 16% Amid Downgrade and Buyback Concerns

Online pet retailer Chewy Inc. ($CHWY) is experiencing fluctuations in its stock price, with investors closely watching key moving averages and support levels. The stock was downgraded to Hold from Buy by Argus. Concerns arise over the company's buyback strategy, leading to a 16% decline in stock value. Despite this, some traders see opportunities in the stock's volatility, with positive movements observed recently.