Chewy (NYSE:CHWY) Shares Gap Up – Still a Buy?

Chewy, Inc. (NYSE:CHWYGet Free Report)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $29.52, but opened at $30.25. Chewy shares last traded at $30.52, with a volume of 1,064,264 shares traded.

Analyst Upgrades and Downgrades

CHWY has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their target price on Chewy from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Wedbush reaffirmed an “outperform” rating and set a $35.00 target price on shares of Chewy in a research note on Thursday, August 29th. Bank of America upped their price objective on shares of Chewy from $20.00 to $24.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Raymond James downgraded shares of Chewy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Finally, TD Cowen began coverage on Chewy in a report on Wednesday. They issued a “buy” rating and a $38.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.55.

Read Our Latest Stock Report on CHWY

Chewy Stock Performance

The stock has a market cap of $12.34 billion, a PE ratio of 36.00, a price-to-earnings-growth ratio of 3.04 and a beta of 1.05. The company’s 50-day moving average price is $27.63 and its 200 day moving average price is $22.97.

Chewy (NYSE:CHWYGet Free Report) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. As a group, equities research analysts predict that Chewy, Inc. will post 0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sumit Singh sold 14,338 shares of Chewy stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $318,877.12. Following the completion of the sale, the chief executive officer now owns 1,398,271 shares in the company, valued at approximately $31,097,547.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Sumit Singh sold 14,338 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total transaction of $318,877.12. Following the transaction, the chief executive officer now owns 1,398,271 shares of the company’s stock, valued at approximately $31,097,547.04. This represents a 0.00 % decrease in their position. 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 dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the transaction, the chief technology officer now directly owns 573,463 shares of the company’s stock, valued at approximately $12,753,817.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,888,627 shares of company stock valued at $790,397,620 over the last 90 days. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chewy

Several institutional investors have recently modified their holdings of CHWY. BC Partners Advisors L.P. acquired a new position in shares of Chewy during the second quarter worth about $7,517,800,000. Marshall Wace LLP grew its holdings in Chewy by 1,028.6% during the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after acquiring an additional 2,636,526 shares in the last quarter. Fiera Capital Corp purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $44,373,000. Clearbridge Investments LLC acquired a new stake in shares of Chewy in the 2nd quarter valued at $40,798,000. Finally, Baillie Gifford & Co. lifted its position in shares of Chewy by 7.2% during the 1st quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock worth $315,323,000 after purchasing an additional 1,336,431 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

About Chewy

(Get Free Report)

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.

Further Reading

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