Chewy (NYSE:CHWY) Upgraded at Wedbush

Wedbush upgraded shares of Chewy (NYSE:CHWY – Get 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:CHWY – Get 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.

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