Pets, Not Politics: Petco Shares and the PAWZ ETF Surge
Americans are more focused than ever on lavishing love on their furry companions.
On Thursday, shares of Petco Health and Wellness Company rocketed by about 50% in their first trading day on the New York Stock Exchange, underscoring the move toward investing in the pandemic-fueled pet care industry.
Petco opened at $26, after being priced at $18, to rise by about $816.5 million. The pet care company is trading under the ticker symbol WOOF.
This is not the first time Petco went public. The San Diego-based pet supply retailer was founded in 1965, and was traded publicly in 1994, but taken private when its ownership changed hands. The company currently has about 1,470 stores across the U.S. and Puerto Rico, including more than 100 in-store veterinary hospitals.