Wedbush Reiterates “Outperform” Rating for Chewy (NYSE:CHWY)

Chewy (NYSE:CHWY)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research note issued on Thursday,Benzinga reports. They currently have a $39.00 price target on the stock. Wedbush’s price target suggests a potential upside of 17.48% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Morgan Stanley lifted their target price on Chewy from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Seaport Res Ptn upgraded shares of Chewy to a “hold” rating in a report on Monday. Argus upgraded shares of Chewy from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Wolfe Research upgraded shares of Chewy from a “peer perform” rating to an “outperform” rating in a research note on Friday, January 3rd. Finally, Royal Bank of Canada upped their target price on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, December 5th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.26.

Chewy Trading Down 0.2 %

Shares of CHWY traded down $0.05 during trading hours on Thursday, reaching $33.20. 1,093,330 shares of the company traded hands, compared to its average volume of 7,423,976. Chewy has a 12-month low of $14.69 and a 12-month high of $40.09. The stock’s fifty day moving average price is $36.09 and its 200 day moving average price is $33.14. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.21 and a beta of 1.23.

Insiders Place Their Bets

In other news, CEO Sumit Singh sold 191,096 shares of Chewy stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.68, for a total value of $6,818,305.28. Following the completion of the sale, the chief executive officer now directly owns 707,126 shares of the company’s stock, valued at approximately $25,230,255.68. The trade was a 21.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Satish Mehta sold 168,105 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $36.32, for a total value of $6,105,573.60. Following the transaction, the chief technology officer now directly owns 417,857 shares in the company, valued at approximately $15,176,566.24. The trade was a 28.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,083,269 shares of company stock valued at $290,611,129 in the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mutual of America Capital Management LLC acquired a new stake in shares of Chewy in the 4th quarter valued at about $2,915,000. Centiva Capital LP purchased a new position in shares of Chewy during the third quarter worth approximately $2,949,000. Raymond James Financial Inc. purchased a new position in shares of Chewy during the fourth quarter worth approximately $69,789,000. Geode Capital Management LLC increased its holdings in shares of Chewy by 8.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,550,844 shares of the company’s stock valued at $45,443,000 after acquiring an additional 119,633 shares during the period. Finally, Birch Hill Investment Advisors LLC acquired a new stake in Chewy during the 4th quarter worth $1,174,000. 93.09% of the stock is 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.