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| Name | Chewy will now be associated with meme stocks: Analyst |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 01-07-2024 22:02:15 |
| Video Discription | "Roaring Kitty," the GameStop (GME) trader also known as Keith Gill, revealed he has a 6.6% stake in Chewy (CHWY). Mizuho Senior Analyst David Bellinger joins Market Domination to discuss the move and what it means for the pet supplies retailer. "We don't think this is an optimal scenario for Chewy shares. Just taking a step back here, this is very much outside of the company's control. Senior management is doing a pretty good job of maintaining and managing the business going forward. But I think these developments that you've got here today, adding a lot of volatility to the stock and from an institutional investor standpoint, I think this could create an impediment to owning shares. You're going to have Chewy now associated with these meme stocks," Bellinger explains. He explains that Chewy's fundamentals are in a good position, bringing in about $11 billion in annual revenue from 20 million active customers. However, he says one concern is customer acquisitions: "Net active customer growth has stagnated. You've had six quarters in a row now with year-over-year active customer numbers down. That's been the big hesitation for us." He highlights how the current inflationary environment has stalled pet adoptions and pet item sales, slowing Chewy's overall growth. #youtube #MEME #investing About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance hICr7SSbBbo |
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