Chewy (CHWY), the online pet food retailer co-founded by Ryan Cohen of GameStop (GME) fame, has shot up 28% on Wednesday following a successful first quarter and the announcement of a share buyback policy.
Chewy reportsQ1 earnings before the open on Wednesday.
stock shoots up 28% on tripling of net income. Revenue beats consensus by $40 million, last year's total by 3%. CEO Sumit Singh adds $500 million buyback provision. Chewy , the online pet food retailer co-founded by Ryan Cohen of GameStop fame, has shot up 28% on Wednesday following a successful first quarter and the announcement of a share buyback policy. Shares are trading at the time of writing at $21.65 after closing Tuesday at $16.91.
still trades near the bottom of its March 2020 pandemic-caused nadir. It only broke back below that level last fall before finding support near $15.00. The 20-day Exponential Moving Average has broken above its 50-day counterpart on Wednesday. But in order to end its three-year downtrend, needs to break above the prior range high of $25.24 and general resistance at $25.00.
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