Chewy (NYSE:CHWY) Reaches New 52-Week Low Following Analyst Downgrade

Chewy, Inc. (NYSE:CHWY)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $19.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. Chewy traded as low as $15.07 and last traded at $15.09, with a volume of 8572021 shares traded. The stock had previously closed at $15.60.

A number of other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group reduced their price objective on Chewy from $36.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, March 21st. Barclays upgraded shares of Chewy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $19.00 to $30.00 in a research report on Thursday, January 11th. Royal Bank of Canada dropped their price target on shares of Chewy from $35.00 to $22.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Chewy in a research report on Thursday, March 21st. Finally, Mizuho started coverage on shares of Chewy in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $27.50.

Insider Transactions at Chewy

In other news, CTO Satish Mehta sold 40,523 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $17.70, for a total transaction of $717,257.10. Following the completion of the transaction, the chief technology officer now directly owns 557,058 shares in the company, valued at $9,859,926.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Stacy Bowman sold 8,025 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $124,628.25. Following the sale, the chief accounting officer now owns 243,769 shares of the company’s stock, valued at $3,785,732.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Satish Mehta sold 40,523 shares of the business’s 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 completion of the sale, the chief technology officer now directly owns 557,058 shares in the company, valued at approximately $9,859,926.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,169 shares of company stock worth $4,396,079. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Chewy

Several institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its stake in shares of Chewy by 15.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after purchasing an additional 543 shares during the last quarter. IFM Investors Pty Ltd boosted its position in Chewy by 5.7% during the third quarter. IFM Investors Pty Ltd now owns 13,371 shares of the company’s stock valued at $244,000 after acquiring an additional 723 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Chewy by 2.2% during the third quarter. Handelsbanken Fonder AB now owns 33,199 shares of the company’s stock valued at $606,000 after acquiring an additional 730 shares during the last quarter. D.A. Davidson & CO. boosted its position in Chewy by 3.8% during the third quarter. D.A. Davidson & CO. now owns 22,663 shares of the company’s stock valued at $414,000 after acquiring an additional 840 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in Chewy by 7.9% during the third quarter. Private Advisor Group LLC now owns 11,984 shares of the company’s stock valued at $219,000 after acquiring an additional 875 shares during the last quarter. Institutional investors own 93.09% of the company’s stock.

Chewy Stock Down 3.3 %

The firm has a market cap of $6.56 billion, a P/E ratio of 188.65, a PEG ratio of 8.17 and a beta of 0.90. The stock’s 50-day simple moving average is $16.76 and its 200 day simple moving average is $18.63.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Wednesday, March 20th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Chewy had a net margin of 0.33% and a return on equity of 11.69%. On average, research analysts forecast that Chewy, Inc. will post 0.08 earnings per share for the current fiscal year.

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.