Why Chewy Stock Was Up This Week
Shares of Chewy (NYSE: CHWY) jumped this week, surging 24% through Thursday trading compared to a 4.4% gain in the wider market. That rally didn't erase all of the pet supply giant's recent losses, though, and the stock remains lower by 36% in 2022, according to data provided by S&P Global Market Intelligence.
Chewy's move higher came as investors became less pessimistic about a recession developing over the next few months. Wall Street also sees some new reasons for optimism about the online retailer's short-term growth prospects.
The key factor behind Chewy's rise this week was a report from a market research company saying that sales trends could be strengthening in the current quarter. The researcher's checks suggest that Q3 sales will exceed the $2.46 billion that most Wall Street pros are targeting for the stock.
Source Fool.com
