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Chewy (NYSE: CHWY) has made headlines recently on the news that Keith Gill, who rose to fame through his Youtube channel, Roaring Kitty, made a Securities and Exchange Commission (SEC) filing revealing 6.6% ownership. Gill was previously known for his posts that helped turn GameStop into a meme stock.
Chewy’s stock has been on a wild ride since its 2019 initial public offering. The share price has dropped precipitously after a tremendous rise during the early days of the pandemic as pet adoption took off. Since the start of 2020, the shares have lost 8% compared to a 74% gain for the S&P 500.
But you should base your decisions on a strong long-term investing thesis. After all, it’s nearly impossible to know how a stock will trade in the short run. On this basis, does Chewy merit an investment?