Chewy (NYSE:CHWY) Upgraded to “Buy” at Bank of America

Chewy (NYSE:CHWY) was upgraded by research analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm currently has a $40.00 price objective on the stock, up from their previous price objective of $24.00. Bank of America‘s price objective would suggest a potential upside of 11.92% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Evercore ISI raised their target price on Chewy from $22.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. UBS Group raised their price objective on shares of Chewy from $21.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Piper Sandler restated an “overweight” rating and set a $35.00 target price on shares of Chewy in a report on Friday, September 20th. Finally, TD Cowen began coverage on Chewy in a report on Wednesday, October 9th. They issued a “buy” rating and a $38.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Chewy presently has an average rating of “Moderate Buy” and a consensus target price of $31.25.

Chewy Trading Up 3.2 %

Chewy stock opened at $35.74 on Wednesday. Chewy has a 52 week low of $14.69 and a 52 week high of $39.10. The stock has a market cap of $14.94 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 3.29 and a beta of 1.06. The company’s 50-day moving average price is $29.85 and its two-hundred day moving average price is $25.85.

Chewy (NYSE:CHWY) last announced its earnings results on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.03 by $0.02. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. Research analysts expect that Chewy will post 0.32 earnings per share for the current fiscal year.

Insider Activity at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total transaction of $36,750,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new position in shares of Chewy during the 2nd quarter valued at $33,000. Blue Trust Inc. lifted its position in shares of Chewy by 183.6% in the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock worth $38,000 after buying an additional 905 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of Chewy during the 2nd quarter worth about $44,000. First Horizon Advisors Inc. acquired a new position in shares of Chewy during the 2nd quarter valued at about $48,000. Finally, Skylands Capital LLC bought a new position in shares of Chewy in the 2nd quarter valued at approximately $52,000. 93.09% of the stock is owned by hedge funds and other institutional investors.

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.