5 Best High Short Interest Stocks to Buy Now

1. Chewy, Inc. (NYSE:CHWY)

Number of Hedge Fund Holders: 25    

Short Interest as of November 14: 27.59%

Chewy, Inc. (NYSE:CHWY) engages in the pure play e-commerce business in the United States. It is one of the most shorted stocks to consider investing in. On October 20, Chewy declared that it is expanding its insurance and wellness offerings, CarePlus, using Lemonade’s newly provided plans of pet healthcare insurance products. On November 1, Stella and Chewy will be offering adoption fee reimbursement for senior pets age 5+ rescued from any shelter across the US and Canada through the month of November.

On October 31, Citi analyst Steven Zaccone maintained a Neutral rating on Chewy, Inc. (NYSE:CHWY) stock and lowered the price target to $43 from $44, noting that macro fears are high for retail coverage heading into Q3 earnings season.

At the end of the third quarter of 2022, 25 hedge funds in the database of Insider Monkey held stakes in the company.

In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Chewy, Inc. (NYSE:CHWY) was one of them. Here is what the fund said:

“We exited our position in Chewy, Inc. (NYSE:CHWY), in the consumer discretionary sector. While we continue to have a favourable opinion of the online pet products retailer, we decided to consolidate our exposure to the pet industry.”

You can also take a peek at 12 Best Blue Chip Stocks To Buy Today and 10 Best Auto Stocks To Buy Now.

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