CHWY - Why Chewy Stock Jumped 28% Last Month
2024-07-03 04:15:00 ET
Shares of pet e-commerce company Chewy (NYSE: CHWY) jumped 28.4% in June, according to data provided by S&P Global Market Intelligence . It was an unusual month with trading fueled by ongoing speculation over who was buying and who was selling.
For example, Chewy stock spiked in mid-June on rumors that Ryan Cohen was buying shares on behalf of GameStop . Cohen founded Chewy but left the company in 2018. During the pandemic, he became an activist investor in GameStop and eventually took on the role CEO. And as CEO, he plans to invest GameStop's cash in other publicly-traded companies .
On June 20, Gordon Haskett analyst Don Bilson noted that recent gains for Chewy stock were being driven by speculation that GameStop was buying shares of Chewy under Cohen's direction, according to The Fly.
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Why Chewy Stock Jumped 28% Last Month