The institutions took some big bites of Chewy, Inc (NYSE:CHWY) over the last two years driving the institutional ownership up to nearly 100%. This is quite a feat considering the short interest is also running near 25% so there are quite a few shares on the market.
The institutions took some big bites of Chewy, Inc (NYSE:CHWY) over the last two years driving the institutional ownership up to nearly 100%. This is quite a feat considering the short interest is also running near 25% so there are quite a few shares on the market. The net of institutional activity, however, shifted in favor of the bears in calendar Q2 so don't start thinking a short-squeeze is about to happen. Not only did the intensity of institutional selling increase from Q2 to Q3 but the earnings results are not a catalyst for higher prices. If anything, the Q2 earnings release will only intensify the short-selling and the institutional selling and drive the stock back down to its recent lows. The question is if the market will hold at those lows or if this stock is headed down to the single digits.
