Chewy (NYSE:CHWY) Sees Unusually-High Trading Volume Following Analyst Upgrade

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 were traded during 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 analysts also recently issued research reports about the company. Piper Sandler lifted their price objective on Chewy from $16.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Evercore ISI boosted their price target on shares of Chewy from $19.00 to $22.00 and gave the stock an “in-line” rating in a research report on Friday, May 31st. JMP Securities restated a “market outperform” rating and issued a $28.00 target price on shares of Chewy in a report on Friday, March 15th. Raymond James increased their price target on Chewy from $19.00 to $24.00 and gave the company an “outperform” rating in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Chewy from $22.00 to $28.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Insider Buying and Selling

In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total transaction of $124,628.25. Following the sale, the chief accounting officer now owns 243,769 shares of the company’s stock, valued at approximately $3,785,732.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder Argos Holdings Gp Llc sold 17,550,000 shares of Chewy stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $28.49, for a total value of $499,999,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Stacy Bowman sold 8,025 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total transaction of $124,628.25. Following the sale, the chief accounting officer now directly 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. Insiders sold 17,618,862 shares of company stock valued at $501,046,742 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Chewy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Headinvest LLC purchased a new position in shares of Chewy in the 3rd quarter valued at approximately $39,000. Quest Partners LLC purchased a new position in shares of Chewy in the fourth quarter worth $65,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Chewy during the first quarter worth $65,000. EntryPoint Capital LLC grew its holdings in shares of Chewy by 18.0% during the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock valued at $65,000 after buying an additional 619 shares during the last quarter. Finally, Signaturefd LLC increased its position in shares of Chewy by 37.8% in the 4th 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 period. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Stock Performance

The stock has a 50 day moving average of $19.83 and a 200-day moving average of $18.99. The company has a market cap of $11.85 billion, a PE ratio of 151.33, a price-to-earnings-growth ratio of 4.43 and a beta of 1.00.

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

Chewy Company Profile

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.