Chewy (NYSE:CHWY) Stock Price Down 4% – What’s Next?

Chewy, Inc. (NYSE:CHWY)’s share price was down 4% on Friday . The company traded as low as $33.37 and last traded at $34.45. Approximately 1,870,606 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 8,681,854 shares. The stock had previously closed at $35.87.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CHWY. Raymond James downgraded Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. Bank of America raised Chewy from an “underperform” rating to a “buy” rating and upped their price target for the company from $24.00 to $40.00 in a report on Wednesday. TD Cowen began coverage on shares of Chewy in a report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of Chewy from $24.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Citigroup upgraded shares of Chewy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $28.00 to $40.00 in a research note on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.65.

Chewy Trading Down 2.7 %

The company has a 50 day simple moving average of $29.91 and a 200 day simple moving average of $26.06. The stock has a market capitalization of $14.59 billion, a PE ratio of 42.55, a P/E/G ratio of 3.46 and a beta of 1.06.

Chewy (NYSE:CHWY) last released its quarterly 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. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.86 billion. On average, equities research analysts predict that Chewy, Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BC Partners Advisors L.P. acquired a new stake in Chewy in the second quarter valued at $7,517,800,000. Marshall Wace LLP lifted its stake in shares of Chewy by 1,028.6% in the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after purchasing an additional 2,636,526 shares during the period. FMR LLC boosted its holdings in Chewy by 166.8% during the third quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after buying an additional 2,497,689 shares in the last quarter. Fiera Capital Corp acquired a new position in Chewy during the second quarter worth about $44,373,000. Finally, Clearbridge Investments LLC purchased a new position in Chewy in the second quarter valued at about $40,798,000. Institutional investors and hedge funds 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.