Top Stock Picks for 2024: Chewy

There's plenty of pessimism surrounding CHWY that can fuel an unwind

Joe Hargett

Jan 18, 2024 at 12:44 PM

CTAS

Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. Next up, we have pet e-tailer Chewy Inc (NYSE:CHWY). To access the entirety of the 2024 report, click here.

Pet food delivery service Chewy (CHWY) has averaged a revenue growth of 23.6% since its initial public offering (IPO) in 2019. Finally realigning after its Covid boom, the company is turning a profit and expects to see further revenue growth during 2024. The shares have also come off a double-bottom formation near $17, which is 22% below its IPO.

CHWY has not only broken out above its 50-and 80-day moving averages, but also a downtrending channel dating back to its June highs. Currently, 18% of the stock's total available float is sold short, leaving plenty of pent-up buying power. Plus, an unwinding of pessimism amongst analysts could provide tailwinds, as nine still carry a "hold" or worse rating.

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