Chewy Stock Jumps After Fetching Double Upgrade

Core Insights - Chewy Inc (NYSE:CHWY) has experienced a 4.9% increase in stock price, reaching $34.54, following a double-upgrade from BofA Global Research to "buy" from "underperform," with a price target raised to $40 from $24 [1] - The firm highlighted an increase in pet adoption rates since the beginning of the year, while pet spending has hit a low point, indicating potential for a rebound [1] - Increased web traffic has also contributed to the positive outlook for Chewy [1] Stock Performance - The stock has surpassed the $34 mark, which had previously limited rallies in mid-September and earlier this month [2] - Year-to-date, Chewy's equity has risen by 45.7%, supported by long-term support at the 120-day moving average since May [2] Options Activity - In the options market, call options are currently more favorable, with 9,575 calls traded today, while 3,766 puts exchanged represent double the typical put volume [3] - The most popular option is the weekly 11/22 34-strike call, with new positions being opened [3] - Over the past 10 weeks, options traders have shown increased bullish sentiment, with a 50-day call/put volume ratio of 5.55, ranking higher than all other readings in its annual range [4] Volatility and Pricing - Options for Chewy are currently reasonably priced, with a Schaeffer's Volatility Index (SVI) of 69%, which ranks in the 25th percentile of readings from the past 12 months, indicating low volatility expectations [5]