Chewy (NYSE:CHWY) Shares Gap Up Following Earnings Beat

Chewy, Inc. (NYSE:CHWYGet Free Report)’s share price 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 trading hands.

The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.11. The business had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.85 billion. Chewy had a net margin of 0.33% and a return on equity of 11.69%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CHWY shares. Morgan Stanley lifted their price target on Chewy from $27.00 to $28.00 and gave the stock an “overweight” rating in a report on Thursday. Needham & Company LLC lifted their target price on Chewy from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Chewy from $22.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on shares of Chewy from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, Jefferies Financial Group lowered their price target on shares of Chewy from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $27.07.

Get Our Latest Research Report on CHWY

Insider Transactions at Chewy

In related news, CAO Stacy Bowman sold 8,025 shares of the firm’s stock in a transaction that occurred 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 directly 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 Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Stacy Bowman sold 8,025 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total value of $124,628.25. Following the completion of the transaction, the chief accounting officer now directly owns 243,769 shares in the company, valued at approximately $3,785,732.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sumit Singh sold 6,728 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $104,485.84. Following the transaction, the chief executive officer now directly owns 129,991 shares in the company, valued at $2,018,760.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,993 shares of company stock valued at $1,067,363. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chewy

A number of institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its stake in 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. EntryPoint Capital LLC grew its position in Chewy by 18.0% during the 1st quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock worth $65,000 after acquiring an additional 619 shares during the last quarter. D.A. Davidson & CO. increased its stake in Chewy by 3.8% in the 3rd quarter. D.A. Davidson & CO. now owns 22,663 shares of the company’s stock worth $414,000 after purchasing an additional 840 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Chewy by 3.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 28,359 shares of the company’s stock valued at $451,000 after purchasing an additional 870 shares during the period. Finally, Private Advisor Group LLC grew its holdings in shares of Chewy by 7.9% in the third quarter. Private Advisor Group LLC now owns 11,984 shares of the company’s stock worth $219,000 after purchasing an additional 875 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Chewy Price Performance

The firm’s 50 day moving average is $16.42 and its 200 day moving average is $18.25. The company has a market capitalization of $9.37 billion, a PE ratio of 269.28, a P/E/G ratio of 8.62 and a beta of 0.91.

Chewy Company Profile

(Get Free Report)

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.

Further Reading

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