Chewy (NYSE:CHWY) Shares Up 3.1% Following Strong Earnings

Chewy, Inc. (NYSE:CHWY - Get Free Report) rose 3.1% on Thursday following a better than expected earnings announcement. The company traded as high as $42.06 and last traded at $42.03. Approximately 1,161,383 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 6,915,408 shares. The stock had previously closed at $40.76.

The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. Chewy had a return on equity of 24.47% and a net margin of 3.51%. The business had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the business posted $0.31 earnings per share. The company's revenue for the quarter was up 6.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Cowen restated a "buy" rating on shares of Chewy in a research report on Friday, June 6th. Jefferies Financial Group reissued a "hold" rating and set a $43.00 price target (up from $41.00) on shares of Chewy in a research note on Thursday, June 5th. Mizuho lowered shares of Chewy from an "outperform" rating to a "neutral" rating and boosted their price objective for the stock from $43.00 to $47.00 in a report on Monday. Wedbush increased their target price on shares of Chewy from $39.00 to $45.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Seaport Res Ptn upgraded shares of Chewy to a "hold" rating in a research report on Monday, March 24th. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.72.

Insiders Place Their Bets

In other Chewy news, CEO Sumit Singh sold 148,063 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $40.67, for a total value of $6,021,722.21. Following the completion of the transaction, the chief executive officer now directly owns 705,252 shares in the company, valued at approximately $28,682,598.84. This represents a 17.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Reeder sold 11,582 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $36.44, for a total transaction of $422,048.08. Following the completion of the sale, the chief financial officer now directly owns 397,556 shares of the company's stock, valued at approximately $14,486,940.64. This represents a 2.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 236,046 shares of company stock worth $9,387,635. 0.43% of the stock is currently owned by company insiders.

Institutional Trading of Chewy

Large investors have recently bought and sold shares of the company. Mutual of America Capital Management LLC bought a new stake in shares of Chewy during the fourth quarter valued at approximately $2,915,000. Raymond James Financial Inc. purchased a new position in Chewy during the fourth quarter valued at $69,789,000. Polar Asset Management Partners Inc. boosted its holdings in shares of Chewy by 26.5% during the 4th quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company's stock valued at $9,670,000 after buying an additional 60,533 shares in the last quarter. Interval Partners LP purchased a new stake in shares of Chewy in the 4th quarter worth about $1,536,000. Finally, Vanguard Group Inc. increased its stake in shares of Chewy by 31.8% in the 4th quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company's stock worth $485,093,000 after acquiring an additional 3,493,926 shares in the last quarter. 93.09% of the stock is owned by institutional investors.

Chewy Stock Performance

The business's 50-day moving average is $39.44 and its 200-day moving average is $36.53. The company has a market capitalization of $17.06 billion, a PE ratio of 45.32, a PEG ratio of 2.21 and a beta of 1.75.

Chewy Company Profile

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.