Chewy (NYSE:CHWY) Shares Down 5.2%

Chewy, Inc. (NYSE:CHWY)’s stock price dropped 5.2% during trading on Friday . The stock traded as low as $17.55 and last traded at $17.58. Approximately 1,264,786 shares traded hands during trading, a decline of 86% from the average daily volume of 9,017,289 shares. The stock had previously closed at $18.54.

Wall Street Analysts Forecast Growth

CHWY has been the topic of several research analyst reports. Bank of America cut their price target on shares of Chewy from $17.00 to $16.50 and set an “underperform” rating on the stock in a research note on Thursday, March 21st. Piper Sandler cut their price target on shares of Chewy from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Thursday, March 21st. Mizuho began coverage on shares of Chewy in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $18.00 price objective on the stock. Wedbush restated an “outperform” rating and issued a $25.00 price objective on shares of Chewy in a research note on Thursday, March 21st. Finally, JMP Securities restated a “market outperform” rating and issued a $28.00 price objective on shares of Chewy in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.64.

Chewy Price Performance

The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 220.53, a price-to-earnings-growth ratio of 9.65 and a beta of 0.90. The business’s 50 day moving average price is $16.93 and its 200-day moving average price is $18.75.

Chewy (NYSE:CHWY) last issued its earnings results on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.09. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. Chewy had a net margin of 0.33% and a return on equity of 11.69%. As a group, analysts expect that Chewy, Inc. will post 0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sumit Singh sold 192,642 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $3,409,763.40. Following the sale, the chief executive officer now owns 1,307,025 shares in the company, valued at approximately $23,134,342.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Chewy news, CTO Satish Mehta sold 40,523 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total transaction of $717,257.10. Following the sale, the chief technology officer now owns 557,058 shares in the company, valued at approximately $9,859,926.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sumit Singh sold 192,642 shares of the 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 sale, the chief executive officer now owns 1,307,025 shares in the company, valued at approximately $23,134,342.50. The disclosure for this sale can be found here. Insiders have sold a total of 250,169 shares of company stock worth $4,396,079 in the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Several hedge funds have recently made changes to their positions in CHWY. Bank of New York Mellon Corp boosted its holdings in shares of Chewy by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 146,374 shares of the company’s stock worth $5,969,000 after purchasing an additional 3,814 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Chewy by 40.0% during the first quarter. Panagora Asset Management Inc. now owns 24,000 shares of the company’s stock worth $979,000 after purchasing an additional 6,863 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Chewy by 5.1% during the first quarter. BlackRock Inc. now owns 2,329,086 shares of the company’s stock worth $94,981,000 after purchasing an additional 112,753 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chewy by 7.7% during the first quarter. Dimensional Fund Advisors LP now owns 155,106 shares of the company’s stock worth $6,326,000 after purchasing an additional 11,146 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in shares of Chewy by 10.7% during the first quarter. Vontobel Holding Ltd. now owns 38,171 shares of the company’s stock worth $1,633,000 after purchasing an additional 3,682 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

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.