What happened 

Shares of Camping World Holdings (CWH -0.16%) -- a leading outdoor and camping retailer offering recreational vehicles (RVs), camping gear, and RV maintenance and repair, among other products and services -- were up 12% on Friday despite a lack of direct company news. Here's what could be going on.

So what

One possible driving force behind today's 12% gain could simply be continued momentum from a couple of announcements that have helped the stock rebound 40% this early into 2019. Those announcements include an executive shake-up that management hopes will heighten the team's focus on inventory management, expense control, product margins, and cash flow.

More recently, Camping World announced it has continued to expand with the acquisition of Coates RV, which helps grow the company's footprint in Minnesota.

But investors should remember that these announcements and the 40% gain year to date are still dwarfed by the stock's decline over the past 12 months.

CWH Chart

CWH data by YCharts.

It's also possible (and this is speculation) that something could be going on behind the scenes that we'll receive details on over the next week or two. Investors witnessed a similar scenario when Camping World stock dipped on Dec. 21, 2018, with no direct news, and it wasn't until Dec. 31 that Camping World filed an 8-K notification with the Securities and Exchange Commission noting that Roger Nuttall had departed as president 10 days prior.

A recreational vehicle camping in a forrest.

Image source: Getty Images.

Now what

Investors would be wise not to speculate, or worry about speculation similar to the above paragraph, because stocks will always go up and down for reasons out of our control. What's important is simple: Keep your long-term investment thesis in focus, and make sure the company is taking steps toward executing on that thesis. Currently, Camping World needs to improve its expenses, margins, and cash flow while efficiently expanding in the hope that a broader turnaround in RV trends leaves the company in a much improved financial scenario over the next few years.

Check out the latest Camping World Holdings earnings call transcript.