Chewy (NYSE:CHWY) Trading Down 5.7% – What’s Next?

Chewy (NYSE:CHWY) shares traded down 5.7% during trading on Wednesday . The company traded as low as $23.35 and last traded at $23.2950. Approximately 3,088,534 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 8,450,348 shares. The stock had previously closed at $24.69.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CHWY shares. Citigroup reissued a “market outperform” rating on shares of Chewy in a report on Thursday, June 11th. UBS Group dropped their price objective on shares of Chewy from $32.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Moffett Nathanson set a $28.00 target price on shares of Chewy in a report on Thursday, June 11th. Piper Sandler reiterated an “overweight” rating on shares of Chewy in a research note on Friday, August 21st. Finally, Rosenblatt Securities began coverage on shares of Chewy in a report on Thursday, August 20th. They set a “neutral” rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Chewy Trading Down 0.9%

The company has a market cap of $9.32 billion, a price-to-earnings ratio of 37.94, a PEG ratio of 1.16 and a beta of 1.42. The business has a fifty day moving average of $21.62 and a two-hundred day moving average of $23.25.

Insider Buying and Selling at Chewy

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.49, for a total transaction of $81,916.47. Following the completion of the transaction, the general counsel directly owned 4,103 shares of the company’s stock, valued at $79,967.47. This represents a 50.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

A number of institutional investors have recently added to or reduced their stakes in CHWY. National Bank of Canada FI raised its position in Chewy by 12.5% during the third quarter. National Bank of Canada FI now owns 2,910 shares of the company’s stock worth $118,000 after acquiring an additional 324 shares during the period. Dynasty Wealth Management LLC grew its position in shares of Chewy by 6.6% in the fourth quarter. Dynasty Wealth Management LLC now owns 6,321 shares of the company’s stock valued at $209,000 after purchasing an additional 394 shares during the period. Harbour Investments Inc. increased its stake in shares of Chewy by 81.4% during the fourth quarter. Harbour Investments Inc. now owns 907 shares of the company’s stock worth $30,000 after purchasing an additional 407 shares in the last quarter. Montag A & Associates Inc. increased its stake in shares of Chewy by 58.8% during the fourth quarter. Montag A & Associates Inc. now owns 1,270 shares of the company’s stock worth $42,000 after purchasing an additional 470 shares in the last quarter. Finally, Utah Retirement Systems raised its position in shares of Chewy by 4.4% during the 4th quarter. Utah Retirement Systems now owns 11,586 shares of the company’s stock worth $383,000 after purchasing an additional 485 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

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.