Wedbush Reaffirms Outperform Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reissued by Wedbush in a report released on Thursday,RTT News reports. They currently have a $39.00 price target on the stock, up from their previous price target of $35.00. Wedbush’s target price would indicate a potential upside of 23.03% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada upped their target price on shares of Chewy from $39.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup raised shares of Chewy from a “neutral” rating to a “buy” rating and upped their target price for the company from $28.00 to $40.00 in a report on Friday, November 8th. Piper Sandler upped their target price on shares of Chewy from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley upped their target price on shares of Chewy from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Finally, Raymond James cut shares of Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Chewy Stock Down 5.3 %

Shares of NYSE CHWY traded down $1.77 during midday trading on Thursday, hitting $31.70. The stock had a trading volume of 5,001,236 shares, compared to its average volume of 8,617,335. The business’s 50 day moving average is $30.40 and its 200-day moving average is $27.03. The company has a market cap of $13.25 billion, a P/E ratio of 38.66, a PEG ratio of 3.15 and a beta of 1.12. Chewy has a 52 week low of $14.69 and a 52 week high of $39.10.

Chewy (NYSE:CHWY) last issued its quarterly earnings data on Wednesday, December 4th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.86 billion. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. As a group, analysts expect that Chewy will post 0.33 EPS for the current fiscal year.

Insider Activity

In related news, CTO Satish Mehta sold 8,056 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $33.47, for a total transaction of $269,634.32. Following the completion of the transaction, the chief technology officer now owns 585,962 shares in the company, valued at $19,612,148.14. The trade was a 1.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $29.40, for a total transaction of $789,999,991.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,128,804 shares of company stock worth $827,019,626. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Chewy

Several large investors have recently made changes to their positions in CHWY. Blue Trust Inc. grew its holdings in Chewy by 183.6% in the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after purchasing an additional 905 shares during the period. Washington Trust Advisors Inc. lifted its holdings in Chewy by 0.3% during the third quarter. Washington Trust Advisors Inc. now owns 278,452 shares of the company’s stock valued at $8,156,000 after purchasing an additional 923 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Chewy by 10.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,325 shares of the company’s stock worth $308,000 after purchasing an additional 1,029 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Chewy in the 2nd quarter valued at about $33,000. Finally, D.A. Davidson & CO. boosted its holdings in Chewy by 5.0% in the 3rd quarter. D.A. Davidson & CO. now owns 26,219 shares of the company’s stock worth $768,000 after buying an additional 1,244 shares during the last quarter. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Company Profile

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.