Chewy (NYSE:CHWY) Shares Gap Up – Here’s What Happened

Chewy, Inc. (NYSE:CHWY) shares gapped up before the market opened on Monday . The stock had previously closed at $27.12, but opened at $28.81. Chewy shares last traded at $28.58, with a volume of 2,250,478 shares traded.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America increased their price objective on shares of Chewy from $20.00 to $24.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. TD Cowen began coverage on Chewy in a research report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price objective on the stock. Wolfe Research started coverage on Chewy in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Robert W. Baird raised their target price on Chewy from $26.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Raymond James lowered Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.55.

Chewy Trading Up 1.2 %

The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 35.61, a P/E/G ratio of 2.71 and a beta of 1.06. The company’s fifty day moving average is $28.82 and its two-hundred day moving average is $24.56.

Chewy (NYSE:CHWY) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.03 by $0.02. The business had revenue of $2.86 billion during 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%. Analysts predict that Chewy, Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total value of $36,750,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CHWY. Susquehanna Fundamental Investments LLC purchased a new stake in Chewy during the 2nd quarter worth about $11,916,000. Russell Investments Group Ltd. raised its holdings in Chewy by 27.7% in the first quarter. Russell Investments Group Ltd. now owns 86,542 shares of the company’s stock valued at $1,355,000 after acquiring an additional 18,768 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Chewy by 127.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,717,660 shares of the company’s stock worth $27,328,000 after acquiring an additional 963,540 shares during the last quarter. Cetera Advisors LLC acquired a new position in Chewy during the 1st quarter worth approximately $334,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $673,000. 93.09% of the stock is currently 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.