Investing.com -- Shares of Petco Health and Wellness Company, Inc. (NASDAQ: WOOF ) climbed 6.8% in premarket trading following news that CEO Joel D. Anderson significantly increased his stake in the company. The move comes as Petco continues to expand its presence in the competitive pet health and wellness sector.

The recent SEC filing revealed that Anderson purchased 1,586,088 shares of Petco’s Class A Common Stock on March 28 and March 31, investing approximately $4,717,460. The shares were acquired at prices ranging from $2.91 to $3.03 each. This series of transactions has bolstered Anderson’s total direct holdings to 3,220,181 shares.

Investors appear to be responding positively to the CEO’s show of confidence in the company’s prospects, as reflected by the uptick in Petco’s stock price. The transactions suggest a strong belief in the company’s strategy and future growth potential within the pet care industry.

Petco, known for providing a variety of pet care products and services, has been focusing on expanding its footprint and enhancing its offerings in the pet health and wellness space. The CEO’s substantial investment aligns with the company’s efforts to cement its position as a key player in this market.

The stock’s movement today indicates market optimism about the company’s direction and leadership. The CEO’s investment is often viewed by investors as a positive signal about the company’s financial health and future performance.

While the stock purchase by the CEO is a significant personal investment, it also serves as a message to the market about the company’s value and potential. Petco’s strategy to strengthen its market share in the burgeoning pet industry seems to be resonating with investors, as evidenced by the positive stock movement today.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.