Why Chewy Stock Dropped 11% Last Month
Shares of pet e-commerce company (NYSE: CHWY) dropped 11.2% during July, according to data provided by S&P Global Market Intelligence. The stock was actually down closer to 12% in the first days of July. It then bounced all the way back before finally sliding back down to its 11% drop for the month -- it was a bumpy ride.
Some of the volatility for Chewy stock in July is attributable to meme-stock traders -- investors excited by other investors on social media. One of the faces of the meme-stock movement is Keith Gill, aka Roaring Kitty. In late June, a regulatory filing showed that Gill owned 6.6% of Chewy stock, which was a shockingly high number that continued to excite meme-stock investors in July.
However, a class action lawsuit against Gill did throw some cold water on the meme-stock movement with Chewy stock, even if the lawsuit was withdrawn just days later.
Source Fool.com
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