Chewy (NYSE:CHWY) Shares Gap Down to $29.99

Chewy, Inc. (NYSE:CHWY)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $29.99, but opened at $29.30. Chewy shares last traded at $29.78, with a volume of 5,709,165 shares trading hands.

Analyst Ratings Changes

CHWY has been the topic of several recent research reports. Morgan Stanley upped their price target on shares of Chewy from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Royal Bank of Canada lowered their target price on Chewy from $35.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. UBS Group boosted their price target on Chewy from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Mizuho increased their price objective on Chewy from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, June 10th. Finally, The Goldman Sachs Group cut their target price on shares of Chewy from $36.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $26.64.

Chewy Price Performance

The firm has a market cap of $12.67 billion, a price-to-earnings ratio of 161.83, a P/E/G ratio of 4.97 and a beta of 1.00. The business’s 50-day moving average price is $19.35 and its two-hundred day moving average price is $18.87.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Wednesday, May 29th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.11. Chewy had a net margin of 0.73% and a return on equity of 16.62%. The firm had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.85 billion. Equities analysts predict that Chewy, Inc. will post 0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sumit Singh sold 6,728 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $104,485.84. Following the sale, the chief executive officer now owns 129,991 shares of the company’s stock, valued at approximately $2,018,760.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $3,785,732.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sumit Singh sold 6,728 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 $104,485.84. Following the completion of the transaction, the chief executive officer now owns 129,991 shares of the company’s stock, valued at $2,018,760.23. The disclosure for this sale can be found here. Insiders have sold 68,862 shares of company stock valued at $1,047,242 over the last three months. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Chewy

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its position in Chewy by 15.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after buying an additional 543 shares during the last quarter. EntryPoint Capital LLC lifted 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 purchasing an additional 619 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Chewy by 3.2% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 28,359 shares of the company’s stock valued at $451,000 after purchasing an additional 870 shares during the period. Signaturefd LLC increased its stake in Chewy by 37.8% in the 4th quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock worth $79,000 after purchasing an additional 922 shares in the last quarter. Finally, Liberty One Investment Management LLC raised its holdings in Chewy by 23.7% during the 4th quarter. Liberty One Investment Management LLC now owns 6,483 shares of the company’s stock worth $153,000 after buying an additional 1,241 shares during the period. 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.