Online pet store Chewy (CHWY) is one of our “Stocks for the COVID economy.” Consumers still have to feed and tend to their pets even during a pandemic, and instead of going to the pet store, online delivery is the new norm. Who knows how many customers Chewy has added over the last month or so, but we’d guess it’s a lot. And with a platform that allows for “auto-ship” of products on a regular basis, we’d also guess that these new customers will be sticky.
CHWY fell 36% from a high in late February to its recent low in mid-March. Since making that intraday low on March 12th, however, the stock is up 76.5%, and it broke out to a new high last Friday. Start a two-week free trial to Bespoke Premium to see our list of “Stocks for the COVID Economy.”