Chewy (NYSE:CHWY) Upgraded at Wedbush

Wedbush upgraded shares of Chewy (NYSE:CHWYGet Rating) from a neutral rating to an outperform rating in a report issued on Tuesday, MarketBeat reports. The brokerage currently has $35.00 price objective on the stock, up from their previous price objective of $30.00. Wedbush also issued estimates for Chewy’s Q2 2023 earnings at ($0.10) EPS, Q3 2023 earnings at ($0.10) EPS, Q4 2023 earnings at ($0.12) EPS, FY2023 earnings at ($0.28) EPS, FY2024 earnings at ($0.19) EPS and FY2025 earnings at ($0.05) EPS.

A number of other analysts also recently issued reports on CHWY. Morgan Stanley dropped their price target on shares of Chewy from $62.00 to $42.00 and set an equal weight rating on the stock in a report on Friday, June 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Chewy from $55.00 to $35.00 in a report on Wednesday, May 25th. Royal Bank of Canada decreased their target price on shares of Chewy from $73.00 to $59.00 in a research note on Thursday, June 2nd. Robert W. Baird decreased their target price on shares of Chewy from $60.00 to $45.00 and set an outperform rating on the stock in a research note on Thursday, June 2nd. Finally, Jefferies Financial Group decreased their target price on shares of Chewy from $90.00 to $60.00 and set a buy rating on the stock in a research note on Wednesday, March 30th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $55.32.

Shares of CHWY opened at $36.65 on Tuesday. The stock has a market capitalization of $15.41 billion, a P/E ratio of -159.35 and a beta of 0.77. The firm has a fifty day simple moving average of $29.45 and a two-hundred day simple moving average of $41.25. Chewy has a twelve month low of $22.22 and a twelve month high of $97.74.

Chewy (NYSE:CHWYGet Rating) last issued its quarterly earnings data on Wednesday, June 1st. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.16. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.41 billion. Chewy had a negative net margin of 1.02% and a negative return on equity of 175.48%. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.09 EPS. On average, analysts predict that Chewy will post -0.35 earnings per share for the current fiscal year.

In other Chewy news, Director James A. Star purchased 181,478 shares of the business’s stock in a transaction that occurred on Monday, June 13th. The shares were bought at an average price of $27.44 per share, for a total transaction of $4,979,756.32. Following the acquisition, the director now owns 325,987 shares in the company, valued at $8,945,083.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stacy Bowman sold 25,879 shares of the stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $27.18, for a total transaction of $703,391.22. Following the completion of the transaction, the insider now owns 193,392 shares in the company, valued at approximately $5,256,394.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 351,369 shares of company stock worth $9,550,209. Corporate insiders own 1.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. American Trust purchased a new stake in Chewy in the 1st quarter worth approximately $533,000. Teachers Retirement System of The State of Kentucky boosted its position in Chewy by 11.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 440,067 shares of the company’s stock worth $17,945,000 after purchasing an additional 46,468 shares in the last quarter. Verition Fund Management LLC boosted its position in Chewy by 9.5% in the 1st quarter. Verition Fund Management LLC now owns 16,667 shares of the company’s stock worth $680,000 after purchasing an additional 1,446 shares in the last quarter. Walleye Capital LLC purchased a new stake in Chewy in the 1st quarter worth approximately $427,000. Finally, Gabelli Funds LLC boosted its position in Chewy by 17.0% in the 1st quarter. Gabelli Funds LLC now owns 9,650 shares of the company’s stock worth $394,000 after purchasing an additional 1,400 shares in the last quarter.

Chewy Company Profile (Get Rating)

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company 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 www.chewy.com retail Website, as well as its mobile applications.

Further Reading

Analyst Recommendations for Chewy (NYSE:CHWY)

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