While Everyone Is Focused On Bud Light, Target Is Still Losing Billions

While all eyes are on Anheuser-Busch and Bud Light, Target continues to see red in the wake of May's Pride Month controversy.

It's been almost exactly two months since the mega retailer found itself under fire for its kids' pride display at the front of several stores across the country, and Wall Street is still not buying it.

Target lost billions -- nearly $9 billion in one week, to be exact -- when the controversy began in May. A day before the pride section posts began to go viral, the stock closed at $160.96 a share, giving Target a market capitalization of $74.3 billion.

The following week, shares were trading off 1% at $141.76 — bringing that above number down to $65.3 billion, which was a staggering 12% drop.

In June, the company shed nearly $15 billion. Now, just over two weeks into July, Target's stock closed this week at $130.92 a share.

For you mathematically-challenged folks at home, Google tells me the company's stock is now down nearly 19% in three months.

According to Market Share, that once $74 billion market cap is now down to $61 billion.

Now, that's billion with a b, so shedding a measly $13 billion is like when you or I lose $5 in the couch.

Still, though, it's not great!

Target is still very much seeing red.

Target still seeing red after pride controversy

The point here is, while everyone is still focused on Bud Light -- which continues to plunge -- the folks over at Target are still dealing with some fires.

Now, people will tell you it has more to do with inflation, and that's probably partly true. Back before Bidenomics truly started working its magic, shares were selling at $266. After this week, that's over a 50% drop.

So, yes -- Joe Biden's awful economy is certainly playing a role. Thanks, Joe!

But, looking at the stock chart since January, it's easy to see when the company fell off a cliff. And we know why.

Since then, shares haven't even come close to recovering, and are actually struggling to hang on. The highest they've gotten since the mid-May plunge was just over $137 about one month ago. Since then, it's been more red days than green.

Again, who knows how this all plays out. The economy stinks right now and inflation is still terrible, despite what Biden wants you to believe.

But sane Americans made it clear they were done with Target after the disastrous display, and they don't appear to have returned just yet.