CHWY - 1 Growth Stock Down 85% to Buy Right Now
2024-03-16 02:00:00 ET
In retrospect, there's no denying that Chewy (NYSE: CHWY) shares rallied too fast -- and too far -- in 2020. Oh, the move is certainly understandable. It was the middle of the pandemic, after all. People were stuck at home, cut off from other people and perhaps feeling a little lonely. Pets helped fill the void, and online retailer Chewy helped feed these pets.
But as the swell of interest in pets cooled, so did interest in the stock. That's why Chewy shares are now down 85% from their early 2021 peak. The sellers, however, may have overshot their target. That is to say, Chewy stock shouldn't have fallen this much. Investors may reverse themselves sooner or later, and will perhaps do so sooner than later. Here's why.
If you're not familiar with it, Chewy is a pet supply retailer. Other names, including Walmart , Petco , Freshpet , and Amazon , are obvious rivals. Chewy is very competitive with these other players, though, by offering a wider selection, good prices, and convenient service.
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1 Growth Stock Down 85% to Buy Right Now