Chewy (NYSE:CHWY) Shares Gap Up to $17.40

Shares of Chewy, Inc. (NYSE:CHWY) gapped up prior to trading on Thursday . The stock had previously closed at $17.40, but opened at $17.86. Chewy shares last traded at $17.76, with a volume of 1,535,669 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Bank of America dropped their price objective on shares of Chewy from $17.00 to $16.50 and set an “underperform” rating for the company in a research report on Thursday, March 21st. Mizuho initiated coverage on shares of Chewy in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $18.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Chewy in a report on Thursday, March 21st. Piper Sandler lowered their target price on shares of Chewy from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Thursday, March 21st. Finally, The Goldman Sachs Group lowered their target price on shares of Chewy from $36.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $27.64.

Chewy Trading Down 4.7 %

The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 220.78, a price-to-earnings-growth ratio of 9.06 and a beta of 0.90. The stock’s 50 day moving average is $16.93 and its two-hundred day moving average is $18.75.

Chewy (NYSE:CHWY) last announced its earnings results on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. Chewy had a net margin of 0.33% and a return on equity of 11.69%. On average, research analysts anticipate that Chewy, Inc. will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In other Chewy news, CTO Satish Mehta sold 40,523 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $17.70, for a total transaction of $717,257.10. Following the sale, the chief technology officer now directly owns 557,058 shares of the company’s stock, valued at approximately $9,859,926.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Chewy news, CTO Satish Mehta sold 40,523 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $17.70, for a total transaction of $717,257.10. Following the sale, the chief technology officer now directly owns 557,058 shares of the company’s stock, valued at approximately $9,859,926.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sumit Singh sold 6,728 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total transaction of $104,485.84. Following the sale, the chief executive officer now directly owns 129,991 shares in the company, valued at $2,018,760.23. The disclosure for this sale can be found here. Insiders have sold 250,169 shares of company stock valued at $4,396,079 in the last three months. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chewy

A number of institutional investors and hedge funds have recently modified their holdings of CHWY. Bank of New York Mellon Corp raised its holdings in shares of Chewy by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 146,374 shares of the company’s stock valued at $5,969,000 after purchasing an additional 3,814 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of Chewy by 40.0% in the 1st quarter. Panagora Asset Management Inc. now owns 24,000 shares of the company’s stock valued at $979,000 after purchasing an additional 6,863 shares during the period. BlackRock Inc. raised its holdings in shares of Chewy by 5.1% in the 1st quarter. BlackRock Inc. now owns 2,329,086 shares of the company’s stock valued at $94,981,000 after purchasing an additional 112,753 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Chewy by 7.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 155,106 shares of the company’s stock valued at $6,326,000 after purchasing an additional 11,146 shares during the period. Finally, Vontobel Holding Ltd. raised its holdings in shares of Chewy by 10.7% in the 1st quarter. Vontobel Holding Ltd. now owns 38,171 shares of the company’s stock valued at $1,633,000 after purchasing an additional 3,682 shares during the period. 93.09% of the stock is owned by institutional investors.

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 website www.chewy.com, as well as mobile applications.