Chewy (NYSE:CHWY) Shares Gap Up – Here’s Why

Chewy, Inc. (NYSE:CHWY)’s share price gapped up prior to trading on Monday . The stock had previously closed at $27.12, but opened at $28.81. Chewy shares last traded at $28.58, with a volume of 2,250,478 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on CHWY. Argus downgraded shares of Chewy from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Wedbush reissued an “outperform” rating and issued a $35.00 target price on shares of Chewy in a report on Thursday, August 29th. Piper Sandler restated an “overweight” rating and issued a $35.00 price target on shares of Chewy in a research report on Friday, September 20th. TD Cowen assumed coverage on shares of Chewy in a research report on Wednesday, October 9th. They issued a “buy” rating and a $38.00 price objective on the stock. Finally, Evercore ISI raised their target price on shares of Chewy from $22.00 to $29.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.55.

Chewy Price Performance

The stock has a market capitalization of $12.29 billion, a PE ratio of 35.09, a P/E/G ratio of 2.69 and a beta of 1.06. The company has a 50-day moving average of $28.69 and a two-hundred day moving average of $24.38.

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

Insider Transactions at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of Chewy stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $29.40, for a total value of $789,999,991.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CHWY. EntryPoint Capital LLC increased its position in shares of Chewy by 18.0% in the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock worth $65,000 after acquiring an additional 619 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in Chewy by 3.2% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 28,359 shares of the company’s stock worth $451,000 after purchasing an additional 870 shares during the period. Blue Trust Inc. increased its holdings in Chewy by 183.6% in the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after purchasing an additional 905 shares in the last quarter. Washington Trust Advisors Inc. raised its position in Chewy by 0.3% in the third quarter. Washington Trust Advisors Inc. now owns 278,452 shares of the company’s stock valued at $8,156,000 after purchasing an additional 923 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Chewy by 10.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 11,325 shares of the company’s stock worth $308,000 after purchasing an additional 1,029 shares in the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

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.