Why Chewy Stock Skyrocketed Today
Shares of pet e-commerce company (NYSE: CHWY) skyrocketed on Thursday after the company reported its latest quarterly financial results. As of 10:15 a.m. ET, Chewy stock was up an impressive 24%.
Starting with the top line, Chewy had net sales of $2.78 billion in its fiscal first quarter of 2023, ended in April. The quarter fared better than management expected, considering its guidance called for net sales of $2.74 billion, at best.
The top line was better than expected for Chewy, but the bottom line blew away Wall Street's expectations, and it's likely the main reason the stock is up so much today. For example, the company had Q1 free cash flow of $127 million. For perspective, it had just $130 million in free cash flow in the last three full fiscal years combined.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 39 Buy predictions and 3 Sell predictions.
With a target price of 27 € there is a positive potential of 23.8% for Chewy Inc compared to the current price of 21.81 €.
