Chewy (NYSE:CHWY) Shares Gap Up - Time to Buy?

Chewy, Inc. (NYSE:CHWY - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $27.12, but opened at $28.81. Chewy shares last traded at $28.58, with a volume of 2,250,478 shares traded.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CHWY shares. Raymond James downgraded shares of Chewy from an "outperform" rating to a "market perform" rating in a research note on Wednesday, August 21st. Robert W. Baird lifted their price objective on shares of Chewy from $26.00 to $32.00 and gave the company an "outperform" rating in a research note on Tuesday, August 20th. Royal Bank of Canada upped their target price on Chewy from $24.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, August 29th. Piper Sandler reiterated an "overweight" rating and issued a $35.00 price target on shares of Chewy in a research note on Friday, September 20th. Finally, UBS Group boosted their price target on Chewy from $21.00 to $30.00 and gave the stock a "neutral" rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Chewy presently has an average rating of "Moderate Buy" and a consensus price target of $29.55.

Chewy Price Performance

The company has a fifty day moving average price of $28.69 and a 200 day moving average price of $24.38. The stock has a market cap of $12.06 billion, a P/E ratio of 35.84, a P/E/G ratio of 2.69 and a beta of 1.06.

Chewy (NYSE:CHWY - Get Free Report) last posted its earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.86 billion. As a group, sell-side analysts expect that Chewy, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Chewy

Institutional investors have recently modified their holdings of the business. 1620 Investment Advisors Inc. purchased a new stake in shares of Chewy in the second quarter worth about $33,000. Blue Trust Inc. increased its holdings in Chewy by 183.6% during the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company's stock worth $38,000 after acquiring an additional 905 shares during the period. Industrial Alliance Investment Management Inc. purchased a new stake in Chewy in the 2nd quarter worth approximately $44,000. First Horizon Advisors Inc. bought a new position in Chewy in the 2nd quarter valued at $48,000. Finally, Skylands Capital LLC purchased a new position in shares of Chewy during the 2nd quarter valued at $52,000. 93.09% of the stock is currently 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.