Chewy (NYSE:CHWY) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Chewy (NYSE:CHWY) from an underperform rating to a buy rating in a report released on Wednesday morning, Marketbeat.com reports. Bank of America currently has $40.00 price objective on the stock, up from their prior price objective of $24.00.

Several other research firms have also weighed in on CHWY. JPMorgan Chase & Co. raised their price objective on shares of Chewy from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Raymond James lowered shares of Chewy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their price target on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Piper Sandler reissued an “overweight” rating and set a $35.00 price objective on shares of Chewy in a research note on Friday, September 20th. Finally, TD Cowen assumed coverage on Chewy in a report on Wednesday, October 9th. They issued a “buy” rating and a $38.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.65.

Chewy Price Performance

CHWY opened at $34.89 on Wednesday. The business has a 50 day moving average price of $29.91 and a two-hundred day moving average price of $26.06. The company has a market capitalization of $14.59 billion, a price-to-earnings ratio of 42.55, a price-to-earnings-growth ratio of 3.46 and a beta of 1.06. Chewy has a 1-year low of $14.69 and a 1-year high of $39.10.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.02. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.86 billion. Equities analysts expect that Chewy will post 0.32 EPS 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 company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total value of $36,750,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chewy

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its stake in Chewy by 27.7% in the first quarter. Russell Investments Group Ltd. now owns 86,542 shares of the company’s stock valued at $1,355,000 after acquiring an additional 18,768 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Chewy by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock worth $166,740,000 after purchasing an additional 875,532 shares in the last quarter. EntryPoint Capital LLC increased its position in Chewy by 18.0% during the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock worth $65,000 after buying an additional 619 shares during the last quarter. Lazard Asset Management LLC raised its holdings in Chewy by 1,301,834.4% during the first quarter. Lazard Asset Management LLC now owns 416,619 shares of the company’s stock valued at $6,628,000 after buying an additional 416,587 shares in the last quarter. Finally, Sandia Investment Management LP acquired a new stake in shares of Chewy in the first quarter worth about $119,000. Institutional investors own 93.09% of the company’s stock.

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.