Wedbush Reaffirms Outperform Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $39.00 target price on the stock. Wedbush’s price target indicates a potential upside of 22.05% from the stock’s previous close.

CHWY has been the topic of a number of other reports. JMP Securities reissued a “market outperform” rating and issued a $37.00 price target on shares of Chewy in a research report on Monday, December 16th. Needham & Company LLC reissued a “hold” rating on shares of Chewy in a research report on Thursday, December 5th. Mizuho raised Chewy from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $24.00 to $42.00 in a research report on Monday, January 6th. Royal Bank of Canada boosted their price target on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. Finally, Barclays boosted their price target on Chewy from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Chewy currently has an average rating of “Moderate Buy” and a consensus target price of $37.30.

Chewy Stock Performance

Chewy stock opened at $31.96 on Monday. The stock’s 50 day simple moving average is $36.46 and its two-hundred day simple moving average is $32.92. The stock has a market cap of $13.01 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 2.21 and a beta of 1.23. Chewy has a fifty-two week low of $14.69 and a fifty-two week high of $40.09.

Insider Buying and Selling at Chewy

In other Chewy news, CEO Sumit Singh sold 71,161 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $32.50, for a total transaction of $2,312,732.50. Following the completion of the sale, the chief executive officer now directly owns 77,838 shares in the company, valued at approximately $2,529,735. The trade was a 47.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $35.77, for a total transaction of $250,390,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,797,494 shares of company stock worth $315,156,588. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Chewy by 1.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 19,741 shares of the company’s stock worth $661,000 after purchasing an additional 301 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Chewy by 22.9% in the 4th quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after purchasing an additional 320 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Chewy by 83.0% in the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock worth $33,000 after purchasing an additional 444 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Chewy by 8.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,650 shares of the company’s stock worth $189,000 after purchasing an additional 450 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Chewy by 30.2% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,800 shares of the company’s stock worth $94,000 after purchasing an additional 650 shares in the last quarter. 93.09% of the stock is currently owned by hedge funds and other 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.