Chewy (NYSE:CHWY) Sees Strong Trading Volume

Shares of Chewy, Inc. (NYSE:CHWY) saw unusually-high trading volume on Wednesday . Approximately 8,798,106 shares traded hands during mid-day trading, a decline of 8% from the previous session’s volume of 9,551,250 shares.The stock last traded at $28.33 and had previously closed at $25.86.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CHWY. Mizuho raised their price objective on Chewy from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, June 10th. Argus cut Chewy from a “buy” rating to a “hold” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. increased their price objective on Chewy from $22.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Piper Sandler started coverage on shares of Chewy in a research note on Friday, August 23rd. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Evercore ISI upped their price target on shares of Chewy from $19.00 to $22.00 and gave the company an “in-line” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.57.

Chewy Trading Up 17.8 %

The stock’s fifty day moving average price is $25.51 and its 200 day moving average price is $20.30. The stock has a market cap of $13.25 billion, a P/E ratio of 160.06, a PEG ratio of 3.48 and a beta of 1.03.

Chewy (NYSE:CHWY) last announced its earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.11. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The business had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.85 billion. As a group, sell-side analysts forecast that Chewy, Inc. will post 0.23 earnings per share for the current year.

Insider Buying and Selling at Chewy

In related news, CEO Sumit Singh sold 14,338 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $318,877.12. Following the transaction, the chief executive officer now owns 1,398,271 shares in the company, valued at approximately $31,097,547.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Sumit Singh sold 14,338 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $318,877.12. Following the transaction, the chief executive officer now directly owns 1,398,271 shares of the company’s stock, valued at approximately $31,097,547.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Satish Mehta sold 2,894 shares of Chewy stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the sale, the chief technology officer now directly owns 573,463 shares of the company’s stock, valued at approximately $12,753,817.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,906,141 shares of company stock worth $540,973,233. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Chewy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHWY. BC Partners Advisors L.P. bought a new position in shares of Chewy during the 2nd quarter valued at $7,517,800,000. Baillie Gifford & Co. lifted its holdings in Chewy by 7.2% in the first quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock valued at $315,323,000 after acquiring an additional 1,336,431 shares during the period. Vanguard Group Inc. boosted its position in Chewy by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock worth $166,740,000 after purchasing an additional 875,532 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Chewy by 7.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,553,104 shares of the company’s stock valued at $96,787,000 after purchasing an additional 258,502 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Chewy by 1,028.6% during the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after purchasing an additional 2,636,526 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Chewy Company Profile

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. It provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services for dogs, cats, fish, birds, small pets, horses, and reptiles through its retail websites and mobile applications.