Chewy $CHWY Shares Purchased by Delta Global Management LP

Key Points

• Delta Global Management LP increased its Chewy stake by 170.5% in the first quarter, ending with 104,584 shares valued at about $2.82 million.
• Several other institutional investors also added to Chewy positions, and 93.09% of the stock is owned by hedge funds and other institutions.
• Wall Street remains constructive on Chewy overall, with a Moderate Buy consensus and an average price target of $32.05, even though several firms recently cut their targets.

Delta Global Management LP boosted its holdings in Chewy (NYSE:CHWY - Free Report) by 170.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,584 shares of the company's stock after purchasing an additional 65,921 shares during the quarter. Delta Global Management LP's holdings in Chewy were worth $2,824,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in shares of Chewy by 2.5% in the 1st quarter. Royal Bank of Canada now owns 220,509 shares of the company's stock valued at $7,168,000 after buying an additional 5,466 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Chewy during the 1st quarter worth $510,000. NewEdge Advisors LLC raised its stake in Chewy by 5,238.3% during the 1st quarter. NewEdge Advisors LLC now owns 32,510 shares of the company's stock worth $1,057,000 after acquiring an additional 31,901 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Chewy by 1.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,176,138 shares of the company's stock valued at $38,236,000 after acquiring an additional 17,788 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Chewy by 31.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 383,966 shares of the company's stock valued at $12,483,000 after acquiring an additional 92,129 shares during the last quarter. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CHWY has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft decreased their target price on Chewy from $45.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, June 11th. Royal Bank Of Canada reduced their price objective on Chewy from $47.00 to $34.00 and set an "outperform" rating for the company in a research note on Thursday, June 11th. Raymond James Financial restated a "buy" rating on shares of Chewy in a research report on Wednesday, June 10th. Morgan Stanley cut their target price on shares of Chewy from $43.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, June 11th. Finally, Argus upgraded shares of Chewy to a "strong-buy" rating in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chewy currently has a consensus rating of "Moderate Buy" and an average price target of $32.05.

Chewy Stock Up 2.1%

CHWY opened at $20.89 on Friday. Chewy has a 52 week low of $17.40 and a 52 week high of $43.50. The business has a 50 day moving average price of $20.28 and a two-hundred day moving average price of $24.65. The company has a market cap of $8.55 billion, a PE ratio of 34.81, a P/E/G ratio of 1.05 and a beta of 1.45.

Insider Activity at Chewy

In related news, CEO Sumit Singh sold 4,220 shares of Chewy stock in a transaction on Monday, May 4th. The shares were sold at an average price of $25.60, for a total value of $108,032.00. Following the transaction, the chief executive officer directly owned 123,955 shares in the company, valued at $3,173,248. This trade represents a 3.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Da-Wai Hu sold 4,203 shares of the business's stock in a transaction on Monday, June 29th. The shares were 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 in the company, valued at $79,967.47. This represents a 50.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 91,729 shares of company stock valued at $2,322,582 in the last 90 days. Company insiders own 0.34% of the company's stock.

Chewy Company Profile

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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