Chewy (NYSE:CHWY) Shares Gap Down to $31.10

Shares of Chewy, Inc. (NYSE:CHWY) gapped down prior to trading on Friday . The stock had previously closed at $31.10, but opened at $29.99. Chewy shares last traded at $29.75, with a volume of 2,906,783 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CHWY shares. Evercore ISI upped their target price on Chewy from $22.00 to $29.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Wedbush reissued an “outperform” rating and issued a $35.00 price target on shares of Chewy in a research note on Thursday, August 29th. Guggenheim boosted their price target on Chewy from $25.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Robert W. Baird boosted their price target on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Finally, Barclays upped their target price on Chewy from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and an average price target of $29.11.

Chewy Stock Performance

The stock has a market cap of $12.94 billion, a P/E ratio of 165.28, a P/E/G ratio of 3.02 and a beta of 1.04. The business has a 50 day simple moving average of $26.61 and a 200-day simple moving average of $21.87.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. On average, sell-side analysts predict that Chewy, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Chewy

In other news, CEO Sumit Singh sold 14,338 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $22.24, for a total transaction of $318,877.12. Following the completion of the transaction, the chief executive officer now owns 1,398,271 shares in the company, valued at approximately $31,097,547.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Chewy news, CTO Satish Mehta sold 2,894 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $64,362.56. Following the completion of the transaction, the chief technology officer now owns 573,463 shares in the company, valued at approximately $12,753,817.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sumit Singh sold 14,338 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $22.24, for a total value of $318,877.12. Following the completion of the sale, the chief executive officer now directly owns 1,398,271 shares in the company, valued at approximately $31,097,547.04. The disclosure for this sale can be found here. Insiders sold 18,906,141 shares of company stock worth $540,973,233 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Chewy

Several institutional investors and hedge funds have recently modified their holdings of the business. BC Partners Advisors L.P. purchased a new stake in shares of Chewy in the 2nd quarter valued at about $7,517,800,000. Baillie Gifford & Co. raised its holdings in shares of Chewy by 7.2% in the 1st quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock valued at $315,323,000 after acquiring an additional 1,336,431 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Chewy by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock valued at $166,740,000 after acquiring an additional 875,532 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Chewy by 7.8% in the 2nd 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 in the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Chewy by 1,028.6% in the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after acquiring an additional 2,636,526 shares in the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

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.