Chewy (NYSE:CHWY) Shares Gap Up to $26.16

Chewy, Inc. (NYSE:CHWY)’s share price gapped up prior to trading on Friday . The stock had previously closed at $26.16, but opened at $27.05. Chewy shares last traded at $27.08, with a volume of 1,790,963 shares.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CHWY. Piper Sandler began coverage on Chewy in a research note on Friday, August 23rd. They issued an “overweight” rating and a $35.00 price objective on the stock. Barclays upped their price target on Chewy from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Royal Bank of Canada upped their price target on Chewy from $24.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Raymond James lowered Chewy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Chewy from $18.00 to $20.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Chewy currently has an average rating of “Moderate Buy” and a consensus target price of $29.11.

Chewy Stock Up 0.1 %

The firm has a fifty day simple moving average of $25.56 and a 200-day simple moving average of $20.93. The company has a market capitalization of $11.39 billion, a P/E ratio of 145.50, a P/E/G ratio of 3.69 and a beta of 1.04.

Insiders Place Their Bets

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $30.32, for a total value of $40,576,103.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $30.32, for a total transaction of $40,576,103.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Satish Mehta sold 2,894 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $64,362.56. Following the transaction, the chief technology officer now owns 573,463 shares of the company’s stock, valued at $12,753,817.12. The disclosure for this sale can be found here. Insiders sold 18,906,141 shares of company stock worth $540,973,233 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in shares of Chewy during the second quarter worth about $673,000. Clearbridge Investments LLC bought a new position in Chewy in the second quarter valued at approximately $40,798,000. Cetera Investment Advisers grew its stake in Chewy by 10.9% in the second quarter. Cetera Investment Advisers now owns 91,831 shares of the company’s stock valued at $2,501,000 after purchasing an additional 9,039 shares in the last quarter. Truist Financial Corp grew its stake in Chewy by 39.3% in the second quarter. Truist Financial Corp now owns 20,732 shares of the company’s stock valued at $565,000 after purchasing an additional 5,847 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in Chewy by 74.0% in the second quarter. B. Riley Wealth Advisors Inc. now owns 49,357 shares of the company’s stock valued at $1,344,000 after purchasing an additional 20,998 shares in the last quarter. 93.09% of the stock is currently owned by 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.