1. $Chewy, Inc.(CHWY)$ buys back 17M shares at about $28-$29/share
2. Someone immediately spends $1M on CHWY 6/28 35c
3. DFV posts a picture of a dog as the price spikes up to about $38
4. The price spikes back down to about $30
Conjecture
1. CHWY got shorted to shit to get it back down that quickly. If those shares aren’t bought back (price goes up) over the next 3-4 trade days, then the MM invoked C+35 and is trapped just like Biggie talked about
2. If so, look for 5k chunks of CHWY calls bought in a gamma frame (just like GME)
3. Alternatively, look for the MM to withdraw options from the market.
Unusual Whales has been following the unusual Chewy, $Chewy, Inc.(CHWY)$ , buyers.
Since Monday, large blocks of $CHWY $30c 7/19 were followed.
Lot of $Chewy, Inc.(CHWY)$ $27C bought on the 21st. They expire tomorrow, yet they decide to HODL thru the run up today… Unless they decided to exercise.
But they have made millions. The $CHWY options chain has been bullish.
“No ones been understanding why $Chewy, Inc.(CHWY)$ been rising so hard every day from $22 or so and now this comes out lol. Largest shareholder gets to sell $500M in shares for the highest price possible utilizing half of chwy’s cash load. How and why they decided to do this and who knew about it to pump the stock to this level (about 2x where it was trading right before its last print) and why the company would still choose to go forward with this ill timed large buyback here is beyond me. Shareholders got fucked and now the company out of firepower. Still have their previous buyback but now will have just 500M cash and same in debt and trades for 30x FCF growing top line 5%… amazing” —HeadofMicroCapital@Crussian17
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