Chewy (NYSE:CHWY) Sets New 12-Month Low After Analyst Downgrade

Chewy, Inc. (NYSE:CHWY) shares reached a new 52-week low during 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 changing hands. The stock had previously closed at $15.60.

A number of other research firms also recently issued reports on CHWY. Mizuho assumed coverage on shares of Chewy in a research report on Tuesday, March 19th. They set a “neutral” rating and a $18.00 target price for the company. Wedbush reissued an “outperform” rating and issued a $25.00 price target on shares of Chewy in a research note on Thursday, March 21st. Barclays upgraded shares of Chewy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $19.00 to $30.00 in a report on Thursday, January 11th. JMP Securities restated a “market outperform” rating and issued a $28.00 price objective on shares of Chewy in a report on Friday, March 15th. Finally, Royal Bank of Canada reduced their price objective on shares of Chewy from $35.00 to $22.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.50.

Insider Buying and Selling

In other Chewy news, CTO Satish Mehta sold 40,523 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $9,859,926.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sumit Singh sold 192,642 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $3,409,763.40. Following the completion of the transaction, the chief executive officer now directly owns 1,307,025 shares in the company, valued at approximately $23,134,342.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Satish Mehta sold 40,523 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now owns 557,058 shares of the company’s stock, valued at $9,859,926.60. The disclosure for this sale can be found here. Insiders have sold a total of 250,169 shares of company stock worth $4,396,079 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

A number of large investors have recently added to or reduced their stakes in CHWY. Baillie Gifford & Co. boosted its stake in Chewy by 16.8% in the fourth quarter. Baillie Gifford & Co. now owns 18,482,764 shares of the company’s stock valued at $436,748,000 after buying an additional 2,654,376 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Chewy in the fourth quarter worth approximately $42,223,000. Bank of New York Mellon Corp increased its holdings in Chewy by 101.4% in the third quarter. Bank of New York Mellon Corp now owns 3,478,510 shares of the company’s stock worth $63,518,000 after purchasing an additional 1,751,131 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Chewy by 13.5% during the fourth quarter. Vanguard Group Inc. now owns 9,604,698 shares of the company’s stock valued at $226,959,000 after acquiring an additional 1,140,269 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Chewy by 141.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,188,823 shares of the company’s stock valued at $21,708,000 after acquiring an additional 695,907 shares in the last quarter. Institutional investors own 93.09% of the company’s stock.

Chewy Price Performance

The stock has a market cap of $6.69 billion, a P/E ratio of 192.31, a P/E/G ratio of 8.12 and a beta of 0.90. The company has a fifty day moving average price of $16.72 and a 200 day moving average price of $18.61.

Chewy (NYSE:CHWY) last posted its quarterly earnings data on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.09. Chewy had a return on equity of 11.69% and a net margin of 0.33%. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. As a group, sell-side analysts expect 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.