Wedbush Reiterates Outperform Rating for Chewy (NYSE:CHWY)

Wedbush reiterated their outperform rating on shares of Chewy (NYSE:CHWY - Free Report) in a research note issued to investors on Monday,Benzinga reports. Wedbush currently has a $39.00 price target on the stock.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird boosted their price objective on shares of Chewy from $35.00 to $40.00 and gave the stock an "outperform" rating in a research note on Monday, November 25th. Argus upgraded shares of Chewy from a "hold" rating to a "buy" rating in a report on Thursday, January 23rd. Piper Sandler upped their price target on Chewy from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Monday, December 2nd. UBS Group boosted their target price on Chewy from $30.00 to $34.00 and gave the stock a "neutral" rating in a report on Tuesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Chewy from $24.00 to $28.00 and gave the stock a "hold" rating in a research note on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Chewy Price Performance

CHWY stock traded up $1.54 during midday trading on Monday, hitting $33.86. The stock had a trading volume of 8,473,931 shares, compared to its average volume of 7,602,026. The firm has a market cap of $13.79 billion, a price-to-earnings ratio of 37.21, a price-to-earnings-growth ratio of 2.21 and a beta of 1.23. The business has a 50-day moving average of $36.30 and a two-hundred day moving average of $32.92. Chewy has a 52-week low of $14.69 and a 52-week high of $40.09.

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Insider Buying and Selling

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $35.77, for a total value of $250,390,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sumit Singh sold 4,000 shares of the business's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $37.52, for a total transaction of $150,080.00. Following the sale, the chief executive officer now directly owns 518,581 shares of the company's stock, valued at approximately $19,457,159.12. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,726,333 shares of company stock valued at $312,843,856 over the last 90 days. Company insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Chewy

Several institutional investors and hedge funds have recently bought and sold shares of CHWY. Vanguard Group Inc. raised its stake in shares of Chewy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company's stock worth $485,093,000 after buying an additional 3,493,926 shares during the period. FMR LLC raised its stake in Chewy by 166.8% during the 3rd quarter. FMR LLC now owns 3,995,329 shares of the company's stock worth $117,023,000 after acquiring an additional 2,497,689 shares during the period. Durable Capital Partners LP purchased a new position in Chewy during the fourth quarter valued at approximately $79,050,000. Invesco Ltd. boosted its position in shares of Chewy by 4,577.5% in the fourth quarter. Invesco Ltd. now owns 2,191,146 shares of the company's stock worth $73,381,000 after purchasing an additional 2,144,302 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Chewy in the fourth quarter worth $69,789,000. 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.