Wedbush Reiterates Outperform Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a report issued on Thursday,Benzinga reports. They presently have a $39.00 price objective on the stock. Wedbush’s target price points to a potential upside of 17.48% from the company’s current price.

Several other research firms have also recently issued reports on CHWY. Wolfe Research upgraded Chewy from a “peer perform” rating to an “outperform” rating in a research report on Friday, January 3rd. Morgan Stanley boosted their price objective on shares of Chewy from $38.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. BNP Paribas lowered Chewy from an “outperform” rating to a “neutral” rating in a research note on Thursday, December 5th. Mizuho raised Chewy from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $24.00 to $42.00 in a research note on Monday, January 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $37.00 price target on shares of Chewy in a research report on Monday, December 16th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $38.26.

Chewy Stock Performance

CHWY traded down $0.05 during trading on Thursday, hitting $33.20. The stock had a trading volume of 1,093,330 shares, compared to its average volume of 7,423,976. The firm has a market capitalization of $13.52 billion, a P/E ratio of 36.44, a PEG ratio of 2.21 and a beta of 1.23. Chewy has a twelve month low of $14.69 and a twelve month high of $40.09. The company’s 50-day moving average price is $36.09 and its 200 day moving average price is $33.14.

Insider Activity

In other Chewy news, CEO Sumit Singh sold 4,000 shares of Chewy stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $37.52, for a total transaction of $150,080.00. Following the transaction, the chief executive officer now owns 518,581 shares of the company’s stock, valued at $19,457,159.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Satish Mehta sold 71,365 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $35.60, for a total transaction of $2,540,594.00. Following the completion of the sale, the chief technology officer now directly owns 262,853 shares of the company’s stock, valued at $9,357,566.80. This trade represents a 21.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,083,269 shares of company stock worth $290,611,129 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its holdings in Chewy by 1.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 19,741 shares of the company’s stock worth $661,000 after buying an additional 301 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Chewy by 22.9% during the 4th quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after purchasing an additional 320 shares during the last quarter. Fifth Third Bancorp raised its holdings in Chewy by 83.0% during the fourth quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock valued at $33,000 after buying an additional 444 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Chewy by 8.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,650 shares of the company’s stock valued at $189,000 after purchasing an additional 450 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its stake in shares of Chewy by 30.2% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,800 shares of the company’s stock worth $94,000 after buying an additional 650 shares during the last quarter. 93.09% of the stock is owned by institutional investors and hedge funds.

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.