Why Chewy Fell 11% in August
A rally in shares of online pet supplies retailer Chewy (NYSE: CHWY) ran out of steam midway through August, and they ended down 11.5% for the month, according to data provided by S&P Global Market Intelligence.
Chewy and meme stocks generally had been rising since May, but they picked up speed the first week of August, with a basket of 37 meme stocks tracked by Bloomberg rallying 10% for the period. However, AMC Entertainment and Bed Bath & Beyond (NASDAQ: BBBY) surged much further, rising 65% and nearly 200%, respectively. Chewy's own stock was up almost 15% for that week.
They got a further push when Chewy founder Ryan Cohen filed a report with the Securities & Exchange Commission that seemed to suggest he thought the home goods retailer had potential to surge six-, seven-, or eightfold in value. But it was not to be.
Source Fool.com
