Chewy (NYSE:CHWY) Raised to Buy at Citigroup

Chewy (NYSE:CHWY - Get Free Report) was upgraded by equities research analysts at Citigroup from a "neutral" rating to a "buy" rating in a report released on Friday, MarketBeat.com reports. The firm currently has a $40.00 price target on the stock, up from their prior price target of $28.00. Citigroup's price objective would indicate a potential upside of 30.51% from the company's previous close.

A number of other brokerages also recently commented on CHWY. Wedbush restated an "outperform" rating and issued a $35.00 target price on shares of Chewy in a research note on Thursday, August 29th. Royal Bank of Canada increased their price objective on Chewy from $24.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. lifted their target price on Chewy from $28.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, August 29th. TD Cowen initiated coverage on Chewy in a research report on Wednesday, October 9th. They set a "buy" rating and a $38.00 price target on the stock. Finally, Barclays lifted their price objective on Chewy from $32.00 to $34.00 and gave the company an "overweight" rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.15.

Chewy Price Performance

Shares of Chewy stock traded down $0.14 during trading hours on Friday, reaching $30.65. The company's stock had a trading volume of 6,370,447 shares, compared to its average volume of 8,898,564. Chewy has a one year low of $14.69 and a one year high of $39.10. The firm has a 50 day moving average price of $28.92 and a 200-day moving average price of $24.75. The stock has a market cap of $12.82 billion, a P/E ratio of 37.38, a P/E/G ratio of 2.88 and a beta of 1.06.

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share (EPS) 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 company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.86 billion. As a group, sell-side analysts forecast that Chewy will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total value of $36,750,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by insiders.

Institutional Trading of Chewy

Large investors have recently made changes to their positions in the business. 1620 Investment Advisors Inc. purchased a new position in Chewy during the second quarter worth approximately $33,000. Blue Trust Inc. grew its stake in Chewy by 183.6% in the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company's stock valued at $38,000 after acquiring an additional 905 shares during the period. Industrial Alliance Investment Management Inc. acquired a new stake in Chewy in the 2nd quarter valued at $44,000. First Horizon Advisors Inc. purchased a new stake in Chewy in the 2nd quarter worth $48,000. Finally, Skylands Capital LLC acquired a new position in Chewy during the second quarter worth $52,000. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Company Profile

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.