Chewy, Inc. (NYSE:CHWY – Get Free Report) shares were down 5.6% during mid-day trading on Monday after Royal Bank of Canada lowered their price target on the stock from $35.00 to $22.00. Royal Bank of Canada currently has an outperform rating on the stock. Chewy traded as low as $15.68 and last traded at $15.69. Approximately 2,775,326 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 8,696,828 shares. The stock had previously closed at $16.62.
Several other equities analysts have also recently commented on CHWY. Barclays upgraded Chewy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $19.00 to $30.00 in a research note on Thursday, January 11th. Wedbush reissued an “outperform” rating and set a $25.00 price target on shares of Chewy in a report on Thursday. JPMorgan Chase & Co. lowered their target price on Chewy from $25.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. Raymond James decreased their price target on Chewy from $33.00 to $24.00 and set an “outperform” rating for the company in a research report on Monday, December 4th. Finally, Piper Sandler decreased their price target on Chewy from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and an average price target of $27.64.
Insider Buying and Selling
In related news, CEO Sumit Singh sold 192,642 shares of Chewy stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total transaction of $3,409,763.40. Following the completion of the sale, the chief executive officer now directly owns 1,307,025 shares of the company’s stock, valued at approximately $23,134,342.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Chewy news, CTO Satish Mehta sold 40,523 shares of Chewy stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $717,257.10. Following the completion of the transaction, the chief technology officer now directly owns 557,058 shares of the company’s stock, valued at approximately $9,859,926.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sumit Singh sold 192,642 shares of Chewy stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $17.70, for a total value of $3,409,763.40. Following the completion of the transaction, the chief executive officer now directly owns 1,307,025 shares of the company’s stock, valued at $23,134,342.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,560,416 shares of company stock valued at $254,241,215. Insiders own 2.10% of the company’s stock.
Hedge Funds Weigh In On Chewy
A number of institutional investors have recently modified their holdings of CHWY. Bank of New York Mellon Corp grew its position in Chewy by 2.7% during the 1st quarter. Bank of New York Mellon Corp now owns 146,374 shares of the company’s stock worth $5,969,000 after acquiring an additional 3,814 shares during the last quarter. Panagora Asset Management Inc. grew its position in Chewy by 40.0% during the 1st quarter. Panagora Asset Management Inc. now owns 24,000 shares of the company’s stock worth $979,000 after acquiring an additional 6,863 shares during the last quarter. BlackRock Inc. grew its position in Chewy by 5.1% during the 1st quarter. BlackRock Inc. now owns 2,329,086 shares of the company’s stock worth $94,981,000 after acquiring an additional 112,753 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Chewy by 7.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 155,106 shares of the company’s stock worth $6,326,000 after acquiring an additional 11,146 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its position in Chewy by 10.7% during the 1st quarter. Vontobel Holding Ltd. now owns 38,171 shares of the company’s stock worth $1,633,000 after acquiring an additional 3,682 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.
Chewy Trading Down 7.2 %
The business has a 50-day moving average of $17.68 and a two-hundred day moving average of $19.14. The firm has a market cap of $6.65 billion, a P/E ratio of 192.02, a price-to-earnings-growth ratio of 6.91 and a beta of 0.92.
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 website www.chewy.com, as well as mobile applications.