Chewy (NYSE:CHWY) Shares Gap Up to $17.40

Chewy, Inc. (NYSE:CHWY) shares gapped up prior to trading on Thursday . The stock had previously closed at $17.40, but opened at $17.86. Chewy shares last traded at $17.76, with a volume of 1,535,669 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler reduced their price objective on Chewy from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, March 21st. Bank of America reduced 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. Jefferies Financial Group reduced their price objective on Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, March 21st. Barclays upgraded Chewy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $19.00 to $30.00 in a research note on Thursday, January 11th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $28.00 price objective on shares of Chewy in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.64.

Chewy Price Performance

The firm has a market capitalization of $7.71 billion, a PE ratio of 217.50, a P/E/G ratio of 8.76 and a beta of 0.90. The firm has a fifty day moving average price of $16.92 and a 200 day moving average price of $18.75.

Insider Activity

In other news, CEO Sumit Singh sold 192,642 shares of the company’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 $3,409,763.40. Following the completion of the sale, the chief executive officer now directly owns 1,307,025 shares of the company’s stock, valued at $23,134,342.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Sumit Singh sold 192,642 shares of the company’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 $3,409,763.40. Following the transaction, the chief executive officer now directly owns 1,307,025 shares of the company’s stock, valued at $23,134,342.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $717,257.10. Following the transaction, the chief technology officer now directly owns 557,058 shares in the company, valued at $9,859,926.60. The disclosure for this sale can be found here. Insiders sold a total of 250,169 shares of company stock valued at $4,396,079 over the last three months. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Stifel Financial Corp increased its position in Chewy by 0.5% in the 1st quarter. Stifel Financial Corp now owns 80,133 shares of the company’s stock worth $2,995,000 after purchasing an additional 394 shares during the last quarter. Quarry LP increased its position in Chewy by 120.2% in the 1st quarter. Quarry LP now owns 874 shares of the company’s stock worth $33,000 after purchasing an additional 477 shares during the last quarter. Gabelli Funds LLC increased its position in Chewy by 9.1% in the 1st quarter. Gabelli Funds LLC now owns 6,000 shares of the company’s stock worth $224,000 after purchasing an additional 500 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in Chewy by 4.2% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 12,463 shares of the company’s stock worth $466,000 after purchasing an additional 507 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Chewy by 15.6% in the 4th 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. 93.09% of the stock is owned by institutional investors and hedge funds.

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.