Why Shares of Chewy Stock Soared This Week
Leading online pet care retailer (NYSE: CHWY) has seen its share price rise by 15% this week as of 3 p.m. ET, according to data provided by S&P Global Market Intelligence, as the market continues to rally around the company's impressive earnings in late May.
While there is no single catalyst for Chewy's run this week, the company is home to a number of compelling forces that may have helped its share price spike nearly 60% in the last three months.
After declining nearly 90% from its all-time high in 2021, Chewy's shares may be showing signs of what is known as a short squeeze. With Chewy reporting six consecutive quarters of profitability topped by a tripling of its earnings per share in its latest quarter, short-sellers have started covering their negative bets against the company.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 38 Buy predictions and 4 Sell predictions.
With a target price of 29 € there is a slightly positive potential of 12.32% for Chewy Inc compared to the current price of 25.82 €.
