Chewy (NYSE:CHWY) Reaches New 1-Year Low After Analyst Downgrade

Shares of Chewy, Inc. (NYSE:CHWY) hit a new 52-week low during trading on Wednesday after Piper Sandler lowered their price target on the stock from $19.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. Chewy traded as low as $15.07 and last traded at $15.09, with a volume of 8572021 shares traded. The stock had previously closed at $15.60.

Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Chewy from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, March 21st. Barclays upgraded shares of Chewy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $19.00 to $30.00 in a report on Thursday, January 11th. Mizuho initiated coverage on shares of Chewy in a report on Tuesday, March 19th. They issued a “neutral” rating and a $18.00 price objective for the company. Jefferies Financial Group lowered their price objective on shares of Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, March 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Chewy in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.50.

Insider Transactions at Chewy

In other news, CAO Stacy Bowman sold 8,025 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $124,628.25. Following the sale, the chief accounting officer now directly owns 243,769 shares of the company’s stock, valued at approximately $3,785,732.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Sumit Singh sold 192,642 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $17.70, for a total transaction of $3,409,763.40. Following the sale, the chief executive officer now directly owns 1,307,025 shares of the company’s stock, valued at approximately $23,134,342.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stacy Bowman sold 8,025 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total transaction of $124,628.25. Following the sale, the chief accounting officer now directly owns 243,769 shares in the company, valued at $3,785,732.57. The disclosure for this sale can be found here. Insiders have sold 250,169 shares of company stock valued at $4,396,079 in the last three months. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chewy

Several hedge funds and other institutional investors have recently bought and sold shares of CHWY. Allspring Global Investments Holdings LLC lifted its stake in shares of Chewy by 15.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after purchasing an additional 543 shares during the period. IFM Investors Pty Ltd grew its holdings in Chewy by 5.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 13,371 shares of the company’s stock valued at $244,000 after buying an additional 723 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Chewy by 2.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 33,199 shares of the company’s stock valued at $606,000 after buying an additional 730 shares in the last quarter. D.A. Davidson & CO. grew its holdings in Chewy by 3.8% during the 3rd quarter. D.A. Davidson & CO. now owns 22,663 shares of the company’s stock valued at $414,000 after buying an additional 840 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Chewy by 7.9% during the 3rd quarter. Private Advisor Group LLC now owns 11,984 shares of the company’s stock valued at $219,000 after buying an additional 875 shares in the last quarter. Institutional investors own 93.09% of the company’s stock.

Chewy Stock Performance

The business’s fifty day simple moving average is $16.81 and its 200-day simple moving average is $18.65. The firm has a market capitalization of $6.56 billion, a PE ratio of 188.65, a price-to-earnings-growth ratio of 8.17 and a beta of 0.90.

Chewy (NYSE:CHWY) last posted its earnings results on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Chewy had a net margin of 0.33% and a return on equity of 11.69%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. Sell-side analysts expect that Chewy, Inc. will post 0.08 earnings per share for the current fiscal year.

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.