CHWY - Charles Schwab Increases Its Stake in Chewy Stock. Should You Do the Same?
2024-05-31 04:30:00 ET
Chewy (NYSE: CHWY) shares have been in the doldrums over the past couple of years despite encouraging earnings reports from the online seller of pet supplies and services. The stock has lost more than 80% from its high back in 2021. But this has served as a great entry point for investors looking for a quality growth player at a dirt cheap price -- and Charles Schwab Investment Management has been seizing the opportunity.
The firm increased its Chewy holding by 6% in the fourth quarter of last year and again by 3% in the first quarter of this year, according to 13F filings. Charles Schwab now holds 686,228 shares of the e-commerce company.
The investment paid off just recently as Chewy shares soared 27% in one trading session after the company announced solid quarterly earnings and its first-ever share buyback program. Should you follow Charles Schwab into shares of this growth stock right now?
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Charles Schwab Increases Its Stake in Chewy Stock. Should You Do the Same?