Chewy (NYSE:CHWY) Upgraded at Bank of America

Chewy (NYSE:CHWY - Get Free Report) was upgraded by equities research analysts at Bank of America from an "underperform" rating to a "buy" rating in a report issued on Wednesday, Marketbeat reports. The brokerage currently has a $40.00 price objective on the stock, up from their previous price objective of $24.00. Bank of America's target price would indicate a potential upside of 15.54% from the company's previous close.

Several other research firms also recently commented on CHWY. Morgan Stanley boosted their target price on shares of Chewy from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Monday, August 26th. Barclays increased their price target on Chewy from $34.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday. UBS Group raised their target price on Chewy from $21.00 to $30.00 and gave the stock a "neutral" rating in a research note on Thursday, August 29th. Wedbush restated an "outperform" rating and issued a $35.00 target price on shares of Chewy in a research note on Thursday, August 29th. Finally, Royal Bank of Canada raised their price target on Chewy from $24.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $31.25.

Chewy Stock Up 5.1 %

Shares of NYSE:CHWY traded up $1.68 during trading on Wednesday, hitting $34.62. 5,568,434 shares of the company were exchanged, compared to its average volume of 8,736,225. Chewy has a 1-year low of $14.69 and a 1-year high of $39.10. The company has a market capitalization of $14.47 billion, a P/E ratio of 40.17, a price-to-earnings-growth ratio of 3.16 and a beta of 1.06. The business's 50 day moving average is $29.67 and its 200-day moving average is $25.72.

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.02. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.86 billion. As a group, sell-side analysts anticipate that Chewy will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of Chewy stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total transaction of $36,750,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

Institutional Trading of Chewy

Institutional investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new position in Chewy in the 2nd quarter worth $11,916,000. Russell Investments Group Ltd. lifted its holdings in Chewy by 27.7% in the 1st quarter. Russell Investments Group Ltd. now owns 86,542 shares of the company's stock worth $1,355,000 after buying an additional 18,768 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of Chewy in the 1st quarter valued at about $334,000. Sanctuary Advisors LLC acquired a new stake in shares of Chewy in the 2nd quarter valued at about $673,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Chewy in the 1st quarter valued at about $1,737,000. 93.09% of the stock is owned by hedge funds and other 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 websites and mobile applications.