Wedbush Reiterates Outperform Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating restated by analysts at Wedbush in a note issued to investors on Thursday,RTT News reports. They currently have a $39.00 price target on the stock, up from their prior price target of $35.00. Wedbush’s price objective points to a potential upside of 23.03% from the company’s current price.

Several other equities analysts have also weighed in on CHWY. Citigroup upgraded shares of Chewy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $28.00 to $40.00 in a research report on Friday, November 8th. UBS Group lifted their price target on shares of Chewy from $30.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI lifted their price target on shares of Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Morgan Stanley boosted their target price on shares of Chewy from $33.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Finally, Bank of America upgraded shares of Chewy from an “underperform” rating to a “buy” rating and boosted their target price for the company from $24.00 to $40.00 in a research note on Wednesday, November 20th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Chewy currently has an average rating of “Moderate Buy” and an average target price of $33.50.

Chewy Trading Down 5.3 %

NYSE CHWY traded down $1.77 during trading hours on Thursday, reaching $31.70. 5,001,236 shares of the company traded hands, compared to its average volume of 8,617,335. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10. The stock has a market capitalization of $13.25 billion, a PE ratio of 38.66, a PEG ratio of 3.15 and a beta of 1.12. The company has a 50 day moving average of $30.40 and a two-hundred day moving average of $27.03.

Chewy (NYSE:CHWY) last posted its quarterly earnings results on Wednesday, December 4th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.15. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same period last year, the firm posted ($0.08) EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities research analysts anticipate that Chewy will post 0.33 earnings per share for the current year.

Insider Transactions at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total value of $36,750,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Satish Mehta sold 8,056 shares of the stock in a transaction dated 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 sale, the chief technology officer now owns 585,962 shares of the company’s stock, valued at approximately $19,612,148.14. This trade represents a 1.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,128,804 shares of company stock valued at $827,019,626 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BC Partners Advisors L.P. bought a new position in Chewy in the 2nd quarter valued at $7,517,800,000. FMR LLC raised its position in Chewy by 166.8% in the 3rd quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after purchasing an additional 2,497,689 shares during the period. Bank of New York Mellon Corp increased its position in shares of Chewy by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 3,553,104 shares of the company’s stock valued at $96,787,000 after acquiring an additional 258,502 shares during the period. Marshall Wace LLP increased its position in shares of Chewy by 1,028.6% during the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after buying an additional 2,636,526 shares during the period. Finally, ArrowMark Colorado Holdings LLC increased its position in shares of Chewy by 5.3% during the third quarter. ArrowMark Colorado Holdings LLC now owns 2,765,931 shares of the company’s stock valued at $81,014,000 after buying an additional 138,768 shares during the period. 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.