Chewy, Inc. (NYSE:CHWY) Sees Large Growth in Short Interest

Chewy, Inc. (NYSE:CHWYGet Rating) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 23,250,000 shares, a growth of 7.1% from the August 15th total of 21,710,000 shares. Currently, 25.2% of the shares of the stock are short sold. Based on an average daily volume of 5,060,000 shares, the days-to-cover ratio is currently 4.6 days.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CHWY. Barclays raised their target price on shares of Chewy from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, August 29th. JPMorgan Chase & Co. decreased their target price on shares of Chewy from $56.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 31st. Guggenheim decreased their target price on shares of Chewy from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, August 31st. Wells Fargo & Company decreased their target price on shares of Chewy from $65.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, June 3rd. Finally, The Goldman Sachs Group decreased their target price on shares of Chewy from $59.00 to $38.00 and set a “neutral” rating on the stock in a research report on Monday, June 6th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.44.

Insider Activity

In other news, CEO Sumit Singh sold 217,986 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $49.29, for a total value of $10,744,529.94. Following the sale, the chief executive officer now directly owns 504,715 shares in the company, valued at $24,877,402.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Stacy Bowman sold 11,422 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $50.00, for a total value of $571,100.00. Following the sale, the insider now directly owns 181,970 shares in the company, valued at $9,098,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sumit Singh sold 217,986 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $49.29, for a total transaction of $10,744,529.94. Following the completion of the sale, the chief executive officer now owns 504,715 shares in the company, valued at $24,877,402.35. The disclosure for this sale can be found here. Insiders have sold 241,156 shares of company stock worth $11,790,954 over the last ninety days. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chewy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in Chewy by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 16,533,230 shares of the company’s stock worth $574,035,000 after buying an additional 3,864,834 shares during the period. Brown Advisory Inc. increased its stake in Chewy by 7.8% during the 1st quarter. Brown Advisory Inc. now owns 7,622,982 shares of the company’s stock worth $326,977,000 after buying an additional 552,115 shares during the period. Vanguard Group Inc. increased its stake in Chewy by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 7,021,248 shares of the company’s stock worth $286,326,000 after buying an additional 97,657 shares during the period. Wellington Management Group LLP increased its stake in Chewy by 19.0% during the 1st quarter. Wellington Management Group LLP now owns 5,369,539 shares of the company’s stock worth $218,969,000 after buying an additional 856,909 shares during the period. Finally, BlackRock Inc. increased its stake in Chewy by 5.1% during the 1st quarter. BlackRock Inc. now owns 2,329,086 shares of the company’s stock worth $94,981,000 after buying an additional 112,753 shares during the period. Hedge funds and other institutional investors own 99.39% of the company’s stock.

Chewy Trading Up 1.9 %

Shares of CHWY stock opened at $33.10 on Thursday. The company’s fifty day simple moving average is $40.33 and its 200-day simple moving average is $37.00. Chewy has a 52 week low of $22.22 and a 52 week high of $80.57. The company has a market cap of $13.99 billion, a PE ratio of -236.41 and a beta of 0.44.

Chewy (NYSE:CHWYGet Rating) last issued its earnings results on Tuesday, August 30th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.16. Chewy had a negative net margin of 0.58% and a negative return on equity of 85.74%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter last year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. Equities research analysts expect that Chewy will post -0.11 EPS for the current fiscal year.

About Chewy

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Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company 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 www.chewy.com retail Website, as well as its mobile applications.

Further Reading

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