Chewy (NYSE:CHWY) Shares Gap Up After Better-Than-Expected Earnings

Shares of Chewy, Inc. (NYSE:CHWYGet Free Report) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $16.91, but opened at $19.33. Chewy shares last traded at $20.46, with a volume of 15,532,182 shares changing hands.

The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.11. The company had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Chewy had a return on equity of 18.79% and a net margin of 0.73%.

Wall Street Analysts Forecast Growth

CHWY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Chewy from $22.00 to $28.00 and gave the company an “overweight” rating in a report on Thursday. JMP Securities reiterated a “market outperform” rating and set a $28.00 price target on shares of Chewy in a research report on Friday, March 15th. Piper Sandler upped their price target on Chewy from $16.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday. Bank of America dropped their price objective on Chewy from $17.00 to $16.50 and set an “underperform” rating for the company in a research note on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Chewy from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.07.

Check Out Our Latest Stock Analysis on CHWY

Insider Activity

In other news, CEO Sumit Singh sold 46,090 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $696,880.80. Following the completion of the sale, the chief executive officer now owns 1,379,100 shares of the company’s stock, valued at $20,851,992. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CTO Satish Mehta sold 8,019 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total transaction of $121,247.28. Following the completion of the sale, the chief technology officer now directly owns 569,594 shares in the company, valued at $8,612,261.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sumit Singh sold 46,090 shares of Chewy stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $696,880.80. Following the sale, the chief executive officer now directly owns 1,379,100 shares in the company, valued at $20,851,992. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,993 shares of company stock valued at $1,067,363. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CHWY. Headinvest LLC bought a new stake in shares of Chewy in the 3rd quarter valued at approximately $39,000. Quest Partners LLC acquired a new stake in shares of Chewy during the fourth quarter worth $65,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Chewy during the first quarter worth $65,000. EntryPoint Capital LLC lifted its position in shares of Chewy by 18.0% in the 1st quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock worth $65,000 after buying an additional 619 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Chewy by 37.8% in the 4th quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock valued at $79,000 after buying an additional 922 shares during the period. 93.09% of the stock is currently owned by institutional investors.

Chewy Trading Up 0.2 %

The business’s 50-day moving average is $16.42 and its two-hundred day moving average is $18.25. The firm has a market cap of $9.37 billion, a P/E ratio of 119.67, a P/E/G ratio of 10.95 and a beta of 0.91.

About Chewy

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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.

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