Chewy, Inc. (NYSE:CHWY – Get Free Report) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 19,830,000 shares, a decrease of 6.9% from the October 15th total of 21,300,000 shares. Based on an average trading volume of 6,690,000 shares, the days-to-cover ratio is currently 3.0 days.
Analyst Ratings Changes
A number of equities analysts have weighed in on the company. Barclays reduced their price target on Chewy from $28.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, October 2nd. UBS Group raised Chewy from a “sell” rating to a “neutral” rating and cut their price objective for the company from $25.00 to $20.00 in a report on Wednesday, October 25th. Citigroup cut their price objective on Chewy from $36.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, August 31st. Robert W. Baird cut their price objective on Chewy from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, August 31st. Finally, Argus raised Chewy from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.48.
Chewy Stock Performance
Chewy (NYSE:CHWY – Get Free Report) last released its quarterly earnings data on Wednesday, August 30th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.01. The business had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.76 billion. Chewy had a return on equity of 19.61% and a net margin of 0.46%.
In other news, CFO Stacy Bowman sold 11,423 shares of the company’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $18.24, for a total value of $208,355.52. Following the completion of the sale, the chief financial officer now directly owns 215,116 shares of the company’s stock, valued at approximately $3,923,715.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by company insiders.
Institutional Trading of Chewy
Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Chewy by 1.5% during the third quarter. Vanguard Group Inc. now owns 7,322,115 shares of the company’s stock valued at $224,936,000 after purchasing an additional 111,193 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of Chewy by 16.5% during the first quarter. Brown Advisory Inc. now owns 6,711,811 shares of the company’s stock valued at $250,887,000 after purchasing an additional 952,703 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Chewy by 8.6% during the first quarter. Wellington Management Group LLP now owns 5,535,915 shares of the company’s stock valued at $206,933,000 after purchasing an additional 438,175 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Chewy by 101.4% during the third quarter. Bank of New York Mellon Corp now owns 3,478,510 shares of the company’s stock worth $63,518,000 after acquiring an additional 1,751,131 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Chewy by 17.1% during the second quarter. Marshall Wace LLP now owns 3,426,667 shares of the company’s stock worth $135,251,000 after acquiring an additional 501,491 shares during the last quarter. 98.28% of the stock is owned by institutional investors and hedge funds.
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.
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