Chewy (NYSE:CHWY) Trading 4.3% Higher - Here's Why

Key Points

• Chewy shares rose 4.3% in mid-day trading to $23.08, though trading volume was 89% below the stock’s average daily volume.
• Analyst sentiment remains generally positive: Chewy has a consensus “Moderate Buy” rating and an average price target of $32.05, despite some recent downgrades and target-price cuts.
• Institutional investors own approximately 93.09% of Chewy, while an insider recently sold shares, reducing their ownership by 50.6%.

Chewy (NYSE:CHWY - Get Free Report) was up 4.3% during mid-day trading on Tuesday . The company traded as high as $23.22 and last traded at $23.08. 905,969 shares were traded during trading, a decline of 89% from the average daily volume of 8,526,179 shares. The stock had previously closed at $22.13.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CHWY shares. Raymond James Financial reiterated a "buy" rating on shares of Chewy in a report on Wednesday, June 10th. Citizens Jmp dropped their price objective on Chewy from $45.00 to $28.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 11th. Moffett Nathanson set a $28.00 target price on Chewy in a research note on Thursday, June 11th. Wall Street Zen downgraded Chewy from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered Chewy from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chewy currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.05.

Chewy Trading Up 5.5%

The stock's 50 day moving average is $20.89 and its two-hundred day moving average is $23.52. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 38.84, a price-to-earnings-growth ratio of 1.13 and a beta of 1.42.

Insider Buying and Selling at Chewy

In other 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 transaction of $81,916.47. Following the completion of the transaction, the general counsel directly owned 4,103 shares of the company's stock, valued at $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chewy

A number of hedge funds and other institutional investors have recently bought and sold shares of CHWY. Osterweis Capital Management Inc. acquired a new position in Chewy during the 2nd quarter worth approximately $30,000. Los Angeles Capital Management LLC acquired a new stake in shares of Chewy in the fourth quarter valued at approximately $31,000. Harbour Investments Inc. raised its holdings in shares of Chewy by 81.4% in the fourth quarter. Harbour Investments Inc. now owns 907 shares of the company's stock valued at $30,000 after purchasing an additional 407 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of Chewy in the fourth quarter worth $34,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Chewy by 412.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,091 shares of the company's stock worth $46,000 after purchasing an additional 878 shares in the last quarter. Institutional investors and hedge funds own 93.09% of the company's stock.

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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