Why Chewy Stock Gained 34% in June
Shares of pet e-commerce company (NYSE: CHWY) gained 33.8% in June, according to data provided by S&P Global Market Intelligence. Most of these gains came on the first day of the month after the company reported strong financial results. The rest of the month, Chewy stock traded roughly in line with the S 500.
Chewy released financial results for its fiscal first quarter of 2023 on May 31 after the market closed, so the stock's jump didn't happen until June 1. The company had many things to report for the three-month period that ended in April. However, I believe the market was most excited about its profitability.
In Q1, Chewy generated $127 million in free cash flow. For perspective, it generated $130 million in free cash flow in 2020, 2021, and 2022 combined. In other words, in the latest three months it made almost as much as it had during the previous three years -- that's a big deal.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 32 Buy predictions and 3 Sell predictions.
With a target price of 28 € there is a hugely positive potential of 83.03% for Chewy Inc compared to the current price of 15.3 €.
