Why Chewy Shares Rocketed Higher Today
Shares of pet supply e-commerce platform (NYSE: CHWY) were rising on Wednesday, trading up 27% as of 11 a.m. ET.
The company reported earnings this morning that came in well ahead of expectations, while also announcing a new share repurchase program. Investors liked what they heard, sending shares rocketing higher. But they also might want to be cautious about further gains from here.
For context, Chewy's stock had been down about 28% year to date before earnings, so this pop was really just the company getting back to even for the year. The consumer pet-care industry has been struggling because adoption rates have slowed from the pandemic levels, and high interest rates are denting consumer spending.
Source Fool.com
Chewy Inc Stock
€26.44
-0.020%
The stock is one of the favorites of our community with 36 Buy predictions and 4 Sell predictions.
With a target price of 28 € there is a slightly positive potential of 5.9% for Chewy Inc compared to the current price of 26.44 €.
