One of the biggest movers in today’s market is Bark (NYSE:BARK). Today, BARK stock has soared more than 28% at the time of writing on very impressive volume. This move is a welcome one for investors in this pet-related company. That’s because since the company’s initial public offering (IPO) a little more than one year ago, this stock has lost roughly two-thirds of its value.
Much of this surge and plunge has to do with sentiment around the pet sector. Notably, pet adoptions soared following the onset of the pandemic. As more folks spent more time at home, the idea of a friend to spend time with (and the added benefit of being around to take care of said animal) led to a surge in pet adoption rates. However, recent data suggests that shelters are reporting overcrowding, as pet owners rethink their decisions.
That’s heartbreaking for those animals. However, for dog-centric companies like Bark, this also signals a reversal of the hypergrowth trends that many investors had initially priced into these stocks. For Bark, a company providing products, services and content for dogs, the investment thesis hasn’t been very bullish of late.
However, an announcement today has some investors changing their minds. Let’s dive into what investors are watching with Bark right now.
BARK Stock Takes Off Amid Executive Shuffle
Today, Bark announced that the company’s co-founder and executive chairman would be taking the reins as CEO once again. Matt Meeker will once again step up as CEO, replacing Manish Joneja, and will act as an adviser to the company through April.
This move has delighted investors, who have seemingly looked for any reason to buy back into this stock. A company that’s beaten earnings expectations of late, it appears the bar was set very high for this company to begin with. Today, it appears investors are once again factoring in an acceleration of growth from current levels.
Whether this executive shuffle will reinvigorate this brand and take Bark to the next level remains to be seen. However, today, it appears investors have found the reason they needed to buy this stock heavily. This will certainly be an interesting stock to watch, and it’s one I’ve put on my watchlist today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.