Chewy Inc's shares are trading lower by 4.5% after Oppenheimer analyst Rupesh Parikh downgraded the shares from Outperform to Perform. The company's shares have also been affected by a downward momentum following a mixed shelf offering. Over the past month, Chewy's shares have fallen by 32% due to continued weakness after the company reported its Q2 results. The company intends to use the net proceeds from the sale of securities for general corporate purposes.