Chewy (NYSE:CHWY) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Chewy from “strong sell” to “hold,” while broader analyst coverage remains favorable with a consensus “Moderate Buy” rating and an average price target of $32.05.
• Chewy shares opened at $22.35, with a market capitalization of $9.15 billion and a 52-week trading range of $17.40 to $43.50.
• Institutional investors own 93.09% of Chewy’s stock, while General Counsel Da-Wai Hu recently sold 4,203 shares valued at approximately $81,916.

Chewy (NYSE:CHWY - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. Wolfe Research reissued an "outperform" rating and issued a $27.00 target price on shares of Chewy in a report on Thursday, June 11th. UBS Group cut their price target on Chewy from $32.00 to $24.00 and set a "neutral" rating for the company in a research note on Thursday, June 11th. Moffett Nathanson set a $28.00 price target on shares of Chewy in a research report on Thursday, June 11th. Piper Sandler set a $30.00 price objective on shares of Chewy in a research note on Wednesday, June 10th. Finally, The Goldman Sachs Group dropped their price objective on shares of Chewy from $46.00 to $34.00 and set a "buy" rating on the stock in a report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $32.05.

Chewy Price Performance

CHWY stock opened at $22.35 on Tuesday. The company has a market cap of $9.15 billion, a P/E ratio of 37.25, a price-to-earnings-growth ratio of 1.14 and a beta of 1.42. Chewy has a 1 year low of $17.40 and a 1 year high of $43.50. The stock's fifty day moving average price is $20.77 and its 200-day moving average price is $23.71.

Insider Transactions at Chewy

In other Chewy news, General Counsel Da-Wai Hu sold 4,203 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.49, for a total value of $81,916.47. Following the completion of the sale, the general counsel owned 4,103 shares in the company, valued at $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CHWY. National Bank of Canada FI increased its position in shares of Chewy by 12.5% during the third quarter. National Bank of Canada FI now owns 2,910 shares of the company's stock worth $118,000 after purchasing an additional 324 shares in the last quarter. Dynasty Wealth Management LLC lifted its holdings in Chewy by 6.6% in the 4th quarter. Dynasty Wealth Management LLC now owns 6,321 shares of the company's stock valued at $209,000 after purchasing an additional 394 shares in the last quarter. Harbour Investments Inc. boosted its stake in Chewy by 81.4% during the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company's stock worth $30,000 after purchasing an additional 407 shares during the last quarter. waypoint wealth counsel boosted its stake in Chewy by 3.8% during the 4th quarter. waypoint wealth counsel now owns 11,220 shares of the company's stock worth $371,000 after purchasing an additional 415 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. grew its holdings in shares of Chewy by 6.0% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 8,136 shares of the company's stock worth $269,000 after buying an additional 458 shares in the last quarter. 93.09% of the stock is currently owned by institutional investors.

About Chewy

Chewy, Inc NYSE: CHWY is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.

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