Wedbush Reaffirms Outperform Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a note issued to investors on Monday,Benzinga reports. They presently have a $39.00 price objective on the stock. Wedbush’s price objective indicates a potential upside of 17.66% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Guggenheim set a $42.00 price objective on shares of Chewy and gave the company a “buy” rating in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Chewy in a report on Thursday, December 5th. The Goldman Sachs Group upped their target price on Chewy from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Robert W. Baird lifted their price target on Chewy from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, November 25th. Finally, Argus upgraded shares of Chewy from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.30.

Chewy Price Performance

NYSE:CHWY opened at $33.15 on Monday. Chewy has a 1 year low of $14.69 and a 1 year high of $40.09. The stock’s fifty day moving average price is $36.61 and its two-hundred day moving average price is $32.87. The company has a market cap of $13.50 billion, a P/E ratio of 36.51, a P/E/G ratio of 2.21 and a beta of 1.23.

Insider Buying and Selling

In other news, CTO Satish Mehta sold 71,365 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $35.60, for a total value of $2,540,594.00. Following the sale, the chief technology officer now directly owns 262,853 shares in the company, valued at $9,357,566.80. The trade was a 21.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sumit Singh sold 71,161 shares of the firm’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $32.50, for a total value of $2,312,732.50. Following the completion of the sale, the chief executive officer now owns 77,838 shares of the company’s stock, valued at approximately $2,529,735. This represents a 47.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,797,494 shares of company stock valued at $315,156,588. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Chewy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Centaurus Financial Inc. bought a new position in shares of Chewy during the 4th quarter worth $154,000. Integrated Advisors Network LLC acquired a new stake in shares of Chewy in the 4th quarter worth $235,000. Polar Asset Management Partners Inc. raised its stake in Chewy by 26.5% in the fourth quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company’s stock valued at $9,670,000 after buying an additional 60,533 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Chewy during the fourth quarter valued at about $318,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Chewy in the 4th quarter worth approximately $67,000. Hedge funds and other institutional investors 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.