Chewy (NYSE:CHWY) shares are trading more than 9% lower today following the company’s Q2 results, which were just shy of expectations on the top and bottom lines, with guidance for Q3 revenue just below consensus and full-year guidance maintained.

The company posted quarterly revenue of $2.16 billion, a growth of 26.8% year-over, which is a bit lower than the consensus estimate of $2.17 billion. Number of active customers, which now stands at 20.1 million, grew 21.1% year-over-year, which, according to the analysts at Wedbush, is disappointing. During this quarter the brokerage lowered its estimate of net customer additions for 2021 to 1.9 million (well below the Street expectation of 2.9 million), but the company missed its forecast and signaled that even Wedbush’s full-year forecast may still be too high if we extrapolate the trend of only 312,000 net adds in Q2 through the balance of the year.

The brokerage lowered its price target on Chewy to $90 from $100, mentioning that it still sees the company as a secular winner, and while the net adds pressure should be confined to 2021, lower customer counts and weakening LTV/CAC due to higher advertising costs leave the brokerage incrementally less bullish.