Chewy (NYSE:CHWY) Sees Large Volume Increase on Analyst Upgrade

Shares of Chewy, Inc. (NYSE:CHWY) saw unusually-high trading volume on Friday after Guggenheim raised their price target on the stock from $25.00 to $32.00. Guggenheim currently has a buy rating on the stock. Approximately 9,236,869 shares traded hands during mid-day trading, a decline of 9% from the previous session’s volume of 10,199,326 shares.The stock last traded at $25.94 and had previously closed at $29.05.

Other equities analysts have also issued research reports about the company. Morgan Stanley upped their price objective on Chewy from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Jefferies Financial Group dropped their price target on Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, March 21st. JPMorgan Chase & Co. increased their price target on Chewy from $22.00 to $28.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft increased their price target on Chewy from $18.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. Finally, Needham & Company LLC raised their price objective on Chewy from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Insiders Place Their Bets

In other news, CTO Satish Mehta sold 8,019 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $121,247.28. Following the completion of the transaction, the chief technology officer now owns 569,594 shares of the company’s stock, valued at approximately $8,612,261.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CTO Satish Mehta sold 8,019 shares of Chewy stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $121,247.28. Following the completion of the transaction, the chief technology officer now owns 569,594 shares in the company, valued at approximately $8,612,261.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Stacy Bowman sold 8,025 shares of Chewy stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $124,628.25. Following the completion of the transaction, the chief accounting officer now owns 243,769 shares of the company’s stock, valued at approximately $3,785,732.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,862 shares of company stock valued at $1,047,242. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chewy

Several institutional investors and hedge funds have recently modified their holdings of CHWY. Headinvest LLC purchased a new stake in Chewy during the 3rd quarter worth approximately $39,000. Quest Partners LLC purchased a new stake in shares of Chewy in the fourth quarter valued at approximately $65,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Chewy in the first quarter valued at approximately $65,000. EntryPoint Capital LLC lifted its holdings in Chewy by 18.0% in the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock valued at $65,000 after acquiring an additional 619 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in Chewy by 37.8% in the fourth quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock valued at $79,000 after acquiring an additional 922 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Chewy Price Performance

The stock has a market capitalization of $11.35 billion, a price-to-earnings ratio of 146.06, a PEG ratio of 4.43 and a beta of 1.00. The business has a fifty day moving average of $19.35 and a 200 day moving average of $18.87.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Wednesday, May 29th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.11. Chewy had a return on equity of 16.62% and a net margin of 0.73%. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.85 billion. On average, equities research analysts expect that Chewy, Inc. will post 0.22 EPS for the current year.

About Chewy

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.