Burkehill Global Management LP Takes Position in Chewy (NYSE:CHWY)

Key Points

• Burkehill Global Management LP has acquired 250,000 shares of Chewy (NYSE:CHWY), valued at approximately $8.13 million, increasing its stake to 0.06% as of its latest SEC filing.
• Wall Street analysts have given Chewy a mixed outlook, with a consensus rating of "Moderate Buy" and an average target price of $43.78, reflecting varied ratings among different brokerages.
• Chewy reported $3.12 billion in revenue for the last quarter, exceeding analyst expectations and showing a 6.3% increase year-over-year, along with earnings per share beating estimates.

Burkehill Global Management LP purchased a new position in Chewy (NYSE:CHWY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 250,000 shares of the company's stock, valued at approximately $8,128,000. Burkehill Global Management LP owned about 0.06% of Chewy as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Aigen Investment Management LP purchased a new position in Chewy in the first quarter worth approximately $791,000. Jefferies Financial Group Inc. purchased a new position in Chewy in the first quarter worth approximately $3,251,000. D.A. Davidson & CO. lifted its stake in Chewy by 38.7% in the first quarter. D.A. Davidson & CO. now owns 43,725 shares of the company's stock worth $1,422,000 after acquiring an additional 12,206 shares during the last quarter. Polar Asset Management Partners Inc. lifted its stake in Chewy by 26.5% in the fourth quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company's stock worth $9,670,000 after acquiring an additional 60,533 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Chewy by 74.5% in the first quarter. Victory Capital Management Inc. now owns 139,889 shares of the company's stock worth $4,548,000 after acquiring an additional 59,711 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CHWY. Needham & Company LLC restated a "hold" rating on shares of Chewy in a research report on Thursday, June 12th. Mizuho downgraded 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 research report on Monday, June 9th. Barclays lifted their target price on shares of Chewy from $44.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, May 28th. Citizens Jmp raised shares of Chewy to a "strong-buy" rating in a report on Thursday, July 10th. Finally, JMP Securities lifted their target price on shares of Chewy from $39.00 to $48.00 and gave the company a "market outperform" rating in a report on Thursday, July 10th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $43.78.

Insider Activity at Chewy

In other news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $41.75, for a total transaction of $1,250,000,010.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Satish Mehta sold 8,727 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $35.82, for a total transaction of $312,601.14. Following the transaction, the chief technology officer directly owned 276,467 shares of the company's stock, valued at approximately $9,903,047.94. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,008,777 shares of company stock worth $1,252,444,321. 0.43% of the stock is owned by insiders.

Chewy Stock Down 1.2%

Shares of Chewy stock traded down $0.47 on Thursday, hitting $38.94. The company's stock had a trading volume of 7,520,295 shares, compared to its average volume of 5,983,511. Chewy has a 52-week low of $25.19 and a 52-week high of $48.62. The firm has a fifty day moving average price of $39.57 and a 200-day moving average price of $37.95. The company has a market capitalization of $16.17 billion, a P/E ratio of 43.75, a price-to-earnings-growth ratio of 8.23 and a beta of 1.67.

Chewy (NYSE:CHWY - Get Free Report) last released its earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The company had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.08 billion. Chewy had a net margin of 3.21% and a return on equity of 35.04%. The firm's quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. As a group, analysts expect that Chewy will post 0.24 earnings per share for the current year.

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.