Up 54% in 1 Month, Does Chewy Stock Have Room to Go Even Higher?

Chewy's (NYSE: CHWY) stock has been tearing up in the past month. Rising 54% in a volatile market like this is impressive. The e-commerce retailer defied expectations in its most recent quarter as it grappled effectively with inflation to preserve profit margins.

That's giving investors confidence that management has the right recipe for the current macroeconomic backdrop. But does Chewy's stock have room to go higher from here? 

In its most recent quarter, which ended on May 1, Chewy saw net sales increase by 13.7% from the same quarter the year before. Folks brought home pets at higher levels during the pandemic as social isolation brought about the desire for the companionship of a furry friend. Fortunately for Chewy, pet ownership is a long-term commitment. Pets adopted during the pandemic could fuel sales growth for Chewy for several years to a decade or more.

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Source Fool.com