Let’s be honest. Deciding what to do with Chewy’s stock can feel like you’re caught between the opinions of optimists and skeptics. The last few weeks have been a bit of a rollercoaster. Chewy shares surged by 11.1% just over the past week, helping erase some of the sting from a 2.7% dip the month before. Take a step back and the picture looks even more interesting. The stock is up 13.6% since the start of the year and has posted an impressive 29.4% gain over the past twelve months. Still, if you look further out, the stock is down more than 30% compared to five years ago. This highlights just how much volatility investors have navigated.

Much of this price movement has been tied to broader market sentiment shifting toward growth…