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(Bloomberg) — GameStop Corp.’s record week saw shares double after activist investor and Chewy Inc. co-founder Ryan Cohen was added to the Board — and now leaders of the video-game retailer are cashing in millions before heading for the door.At least two company insiders sold more than $2.6 million worth of stock on Jan. 13 when the shares posted record gains and rallied to the highest level in more than five years, regulatory filings show. Shares of the Grapevine, Texas-based company, which doubled this week, fell about 1.3% in late trading Friday.Chairman Kathy Patterson Vrabeck sold $1.4 million of shares at an average price of $27.99 while Raul J. Fernandez, a board member, pocketed $1.22 million as he disposed of shares at an average price of $35.28. Both are slated to step down from the board given the addition of Cohen and two former Chewy employees to help lead the company, filings show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Petco stock soared in its trading debut Thursday after its initial public offering prices above forecasts late Wednesday.

Shares of pet e-commerce company Chewy (NYSE: CHWY) spiked higher on Wednesday after an analyst raised the stock’s price target. As of 2:45 p.m. EST, Chewy stock was up 9% on this news and has now rallied a mind-blowing 450% from 52-week lows. According to The Fly, a Credit Suisse analyst had previously assigned Chewy stock a price target of $104 per share.

(Bloomberg) — A rush of short covering and day trading fueled a record stock surge for GameStop Corp. just days after the addition of activist investor and Chewy Inc. co-founder Ryan Cohen to the video-game retailer’s board.The Grapevine, Texas-based company spiked a record 94% Wednesday as retail investors flocked to the struggling company. Traders betting on Cohen’s plans to transform the chain in the image of his highly successful Chewy helped fuel the now three-day rally with the stock shaking off years of underperformance.GameStop shares have climbed as much as 118% in the three days since news of Cohen’s addition to the board and reached the highest price since November 2015. Short interest in GameStop remains near recent highs, with 138% of shares available for trading currently sold short, data compiled by S3 Partners shows.Cohen’s spot on the board, along with two other former Chewy colleagues, was well-received by Wall Street analysts, with Telsey’s Joseph Feldman in a Tuesday note saying the trio will “make GameStop a more digitally focused retailer.”“There is a GameStop short squeeze, but no the squeeze is not the major force behind the price move,” Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, said by email. “This is much like the chicken and egg question — did long buying lead to short covering/squeeze or short covering/squeeze lead to long buying?”Options volume surged in the retailer on Wednesday with total call volume jumping to over four times its 20-day average, led by the January $40 calls. Those contracts, set to expire on Friday, traded at an average price of $2.57 with 59% changing hands on the mid or offer side. Total call volume was outpacing put volume by a rate of 2-to-1 by noon New York time on Wednesday.(Updates with shares in second and third paragraphs, analyst comment and options trading in final two paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.