Down 25% in 2023, 3 Reasons to Buy Chewy Stock
Investors appear to have given up on (NYSE: CHWY) for now. The pet supply company's shares are down more than 25% since late May. That timing is no coincidence, either. Chewy announced fiscal first-quarter results on May 31, and the stock has been on a nearly unbroken slump since that report, even as the S 500 rallied.
Chewy has another earnings announcement in just a few days, with the potential to change that negative investing narrative. Here are three reasons the stock looks attractive heading into that Aug. 30 update.
The business showed solid sales trends in the first quarter, which ran through late April. Revenue rose 15%, easily beating peers like Petco with its 5% uptick. The proportion of customers who signed up for its auto-shipment service hit a new high, and average spending set a record as well.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 38 Buy predictions and 3 Sell predictions.
With a target price of 28 € there is a positive potential of 21.45% for Chewy Inc compared to the current price of 23.06 €.
