Chewy (NYSE:CHWY) Hits New 1-Year High – Here’s Why

Chewy, Inc. (NYSE:CHWY)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $40.09 and last traded at $39.80, with a volume of 465624 shares changing hands. The stock had previously closed at $38.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays increased their price target on Chewy from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Argus upgraded shares of Chewy from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. BNP Paribas lowered shares of Chewy from an “outperform” rating to a “neutral” rating in a research report on Thursday, December 5th. Piper Sandler increased their price objective on shares of Chewy from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, December 2nd. Finally, TD Cowen started coverage on shares of Chewy in a research report on Wednesday, October 9th. They set a “buy” rating and a $38.00 target price on the stock. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.80.

Chewy Price Performance

The firm has a market capitalization of $15.86 billion, a PE ratio of 42.80, a P/E/G ratio of 4.36 and a beta of 1.10. The company’s fifty day simple moving average is $34.99 and its 200 day simple moving average is $30.50.

Chewy (NYSE:CHWY) last announced its quarterly earnings results on Wednesday, December 4th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the prior year, the company posted ($0.08) EPS. Chewy’s revenue was up 5.2% compared to the same quarter last year. On average, analysts anticipate that Chewy, Inc. will post 0.24 earnings per share for the current fiscal year.

Insider Activity

In other Chewy news, CTO Satish Mehta sold 8,056 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $33.47, for a total value of $269,634.32. Following the completion of the transaction, the chief technology officer now directly owns 585,962 shares of the company’s stock, valued at $19,612,148.14. This trade represents a 1.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sumit Singh sold 4,000 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $37.52, for a total value of $150,080.00. Following the completion of the sale, the chief executive officer now owns 518,581 shares in the company, valued at $19,457,159.12. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,196,437 shares of company stock worth $920,170,901. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp raised its position in Chewy by 83.0% during the fourth quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock valued at $33,000 after purchasing an additional 444 shares in the last quarter. Blue Trust Inc. grew its position in Chewy by 183.6% during the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after acquiring an additional 905 shares during the last quarter. Planning Capital Management Corp bought a new position in Chewy during the third quarter valued at approximately $52,000. Future Financial Wealth Managment LLC purchased a new position in shares of Chewy during the third quarter worth approximately $62,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Chewy in the 3rd quarter valued at $63,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

About Chewy

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.