Chewy (NYSE:CHWY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The firm currently has a $35.00 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 8.97% from the stock’s previous close.
According to Zacks, “Chewy Inc. operates as an online pet retailer. The Company offers pet products which include dry and wet food, toys, mats, biscuits, vitamins and supplements. Chewy Inc. is based in Dania Beach, United States. “
CHWY has been the subject of several other reports. Wells Fargo & Co started coverage on Chewy in a research note on Tuesday, July 9th. They set an “outperform” rating and a $40.00 target price for the company. Bank of America started coverage on Chewy in a research note on Tuesday, July 9th. They set a “buy” rating and a $40.00 target price for the company. UBS Group started coverage on Chewy in a research note on Tuesday, July 9th. They set a “buy” rating and a $42.00 target price for the company. William Blair started coverage on Chewy in a research note on Tuesday, July 9th. They set an “outperform” rating for the company. Finally, Raymond James reiterated a “hold” rating on shares of Chewy in a research note on Friday, July 19th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $36.73.
Shares of NYSE:CHWY traded up $0.55 during mid-day trading on Tuesday, reaching $32.12. 735,088 shares of the stock were exchanged, compared to its average volume of 3,550,089. Chewy has a one year low of $29.03 and a one year high of $41.34. The business’s 50 day moving average price is $32.75.
Chewy (NYSE:CHWY) last posted its quarterly earnings results on Thursday, July 18th. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. The firm’s quarterly revenue was up 45.2% on a year-over-year basis. During the same period last year, the company posted ($0.15) EPS. On average, research analysts anticipate that Chewy will post -0.37 EPS for the current year.
In other news, CEO Sumit Singh acquired 11,000 shares of Chewy stock in a transaction that occurred on Tuesday, June 18th. The shares were acquired at an average price of $22.00 per share, for a total transaction of $242,000.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 47,875,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $20.90, for a total value of $1,000,587,500.00. The disclosure for this sale can be found here. Insiders have bought a total of 152,500 shares of company stock valued at $3,355,000 in the last three months.
Several large investors have recently made changes to their positions in CHWY. Meridian Wealth Management LLC purchased a new position in Chewy in the second quarter valued at approximately $64,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Chewy during the second quarter valued at approximately $58,000. Waratah Capital Advisors Ltd. purchased a new stake in shares of Chewy during the second quarter valued at approximately $14,180,000. Atlas Capital Advisors LLC purchased a new stake in shares of Chewy during the second quarter valued at approximately $140,000. Finally, Creative Planning purchased a new stake in shares of Chewy during the second quarter valued at approximately $415,000. 88.98% of the stock is currently owned by institutional investors.
Chewy Company Profile
Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company provides pet food, pet products, pet medications, and other pet health products for dogs, cats, fish, birds, small pets, horses, and reptiles through its chewy.com retail Website, as well as its mobile applications.
Further Reading: Compound Annual Growth Rate (CAGR)
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