Hudson Bay Capital Management LP Acquires 276,466 Shares of Chewy $CHWY

Hudson Bay Capital Management LP grew its stake in Chewy (NYSE:CHWY) by 586.3% during the third quarter, HoldingsChannel.com reports. The firm owned 323,623 shares of the company’s stock after buying an additional 276,466 shares during the period. Hudson Bay Capital Management LP’s holdings in Chewy were worth $13,091,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CHWY. Wellington Management Group LLP grew its stake in shares of Chewy by 295.9% during the third quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company’s stock worth $712,841,000 after purchasing an additional 13,171,325 shares during the period. AQR Capital Management LLC lifted its stake in Chewy by 120.2% in the third quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company’s stock valued at $407,948,000 after buying an additional 5,564,803 shares during the period. Invesco Ltd. boosted its holdings in Chewy by 34.7% during the second quarter. Invesco Ltd. now owns 7,187,518 shares of the company’s stock worth $306,332,000 after buying an additional 1,852,531 shares during the last quarter. State Street Corp boosted its holdings in Chewy by 75.5% during the second quarter. State Street Corp now owns 6,170,197 shares of the company’s stock worth $262,974,000 after buying an additional 2,654,496 shares during the last quarter. Finally, Viking Global Investors LP acquired a new position in shares of Chewy during the 3rd quarter worth about $221,815,000. 93.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CHWY shares. Piper Sandler reaffirmed an “overweight” rating on shares of Chewy in a research note on Thursday, February 5th. UBS Group set a $51.00 price objective on shares of Chewy in a research note on Tuesday, January 13th. Citigroup restated a “market outperform” rating on shares of Chewy in a report on Monday, November 24th. TD Cowen lowered their target price on shares of Chewy from $48.00 to $39.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Chewy in a research report on Wednesday, January 21st. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Chewy has a consensus rating of “Moderate Buy” and a consensus target price of $45.55.

Insider Transactions at Chewy

In related news, CTO Satish Mehta sold 13,013 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $28.99, for a total transaction of $377,246.87. Following the completion of the sale, the chief technology officer directly owned 273,835 shares of the company’s stock, valued at approximately $7,938,476.65. This represents a 4.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.43% of the company’s stock.

Chewy Price Performance

NYSE CHWY opened at $24.28 on Friday. Chewy has a one year low of $23.06 and a one year high of $48.62. The firm has a market cap of $10.08 billion, a P/E ratio of 50.58, a P/E/G ratio of 1.65 and a beta of 1.60. The stock’s 50-day moving average is $27.88 and its 200-day moving average is $32.86.

About Chewy

Chewy, Inc (NYSE: CHWY) is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.