Polar Asset Management Partners Inc. Raises Stake in Chewy, Inc. (NYSE:CHWY)

Polar Asset Management Partners Inc. raised its holdings in shares of Chewy, Inc. (NYSE:CHWY) by 26.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 288,733 shares of the company’s stock after acquiring an additional 60,533 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Chewy were worth $9,670,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Man Group plc grew its position in Chewy by 210.0% in the 4th quarter. Man Group plc now owns 426,324 shares of the company’s stock valued at $14,278,000 after buying an additional 288,787 shares in the last quarter. Nomura Holdings Inc. lifted its stake in Chewy by 36.4% during the fourth quarter. Nomura Holdings Inc. now owns 30,793 shares of the company’s stock valued at $1,031,000 after buying an additional 8,219 shares in the last quarter. Interval Partners LP acquired a new position in shares of Chewy in the 4th quarter valued at about $1,536,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Chewy in the 4th quarter valued at about $2,086,000. Finally, Hudson Bay Capital Management LP increased its holdings in shares of Chewy by 188.5% in the 4th quarter. Hudson Bay Capital Management LP now owns 252,781 shares of the company’s stock valued at $8,466,000 after purchasing an additional 165,177 shares during the period. 93.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO David Reeder sold 7,863 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $36.50, for a total transaction of $286,999.50. Following the completion of the sale, the chief financial officer now directly owns 11,582 shares of the company’s stock, valued at $422,743. The trade was a 40.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Satish Mehta sold 71,365 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $35.60, for a total transaction of $2,540,594.00. Following the transaction, the chief technology officer now owns 262,853 shares of the company’s stock, valued at $9,357,566.80. The trade was a 21.35% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 307,411 shares of company stock worth $11,928,229. Corporate insiders own 2.10% of the company’s stock.

Chewy Stock Up 1.1%

Shares of NYSE:CHWY opened at $41.46 on Friday. The company has a 50-day moving average price of $34.90 and a 200 day moving average price of $34.72. Chewy, Inc. has a 52 week low of $15.78 and a 52 week high of $41.71. The company has a market cap of $17.15 billion, a P/E ratio of 45.56, a PEG ratio of 2.21 and a beta of 1.69.

Chewy (NYSE:CHWY) last released its earnings results on Wednesday, March 26th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.03 by $0.25. Chewy had a net margin of 3.51% and a return on equity of 24.47%. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.20 billion. During the same period in the previous year, the company earned $0.07 EPS. Chewy’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts expect that Chewy, Inc. will post 0.24 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CHWY. JMP Securities lowered their price target on Chewy from $40.00 to $39.00 and set a “market outperform” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their target price on Chewy from $40.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Mizuho raised their target price on Chewy from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, March 27th. Argus upgraded Chewy from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Citigroup increased their target price on Chewy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $38.47.

Chewy 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.