2024-06-20 15:30:31 ET
Leading online pet care retailer Chewy (NYSE: CHWY) has seen its share price rise by 15% this week as of 3 p.m. ET, according to data provided by S&P Global Market Intelligence , as the market continues to rally around the company's impressive earnings in late May.
While there is no single catalyst for Chewy's run this week, the company is home to a number of compelling forces that may have helped its share price spike nearly 60% in the last three months.
After declining nearly 90% from its all-time high in 2021, Chewy's shares may be showing signs of what is known as a short squeeze . With Chewy reporting six consecutive quarters of profitability topped by a tripling of its earnings per share in its latest quarter, short-sellers have started covering their negative bets against the company .
For further details see:
Why Shares of Chewy Stock Soared This Week