Chewy $CHWY Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Chewy stake by 14.7% in the first quarter, selling 212,882 shares and ending with 1,233,759 shares valued at about $33.3 million.
• Chewy insiders also sold shares, including General Counsel Da-Wai Hu and CEO Sumit Singh, with insider sales totaling 91,729 shares over the last three months.
• Analyst sentiment remains mixed but mostly positive: Chewy has a consensus rating of “Moderate Buy” and an average price target of $32.05, though some firms have recently lowered targets or downgraded the stock.

Bank of Nova Scotia decreased its holdings in shares of Chewy (NYSE:CHWY - Free Report) by 14.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,233,759 shares of the company's stock after selling 212,882 shares during the period. Bank of Nova Scotia owned approximately 0.30% of Chewy worth $33,311,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its stake in Chewy by 12.5% in the 3rd quarter. National Bank of Canada FI now owns 2,910 shares of the company's stock worth $118,000 after acquiring an additional 324 shares in the last quarter. Dynasty Wealth Management LLC increased its stake in shares of Chewy by 6.6% during the 4th quarter. Dynasty Wealth Management LLC now owns 6,321 shares of the company's stock worth $209,000 after purchasing an additional 394 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of 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 raised its holdings in shares of Chewy by 3.8% during the 4th quarter. waypoint wealth counsel now owns 11,220 shares of the company's stock valued at $371,000 after purchasing an additional 415 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. lifted its stake in shares of Chewy by 6.0% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 8,136 shares of the company's stock valued at $269,000 after purchasing an additional 458 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company's stock.

Chewy Stock Performance

NYSE:CHWY opened at $20.89 on Friday. The company has a 50-day moving average of $20.28 and a 200-day moving average of $24.65. Chewy has a 52 week low of $17.40 and a 52 week high of $43.50. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 1.03 and a beta of 1.45.

Insider Activity

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the stock in a transaction that occurred on 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 transaction, the general counsel directly owned 4,103 shares of the company's stock, valued at approximately $79,967.47. This represents a 50.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sumit Singh sold 83,306 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $25.60, for a total value of $2,132,633.60. Following the transaction, the chief executive officer owned 874,061 shares of the company's stock, valued at $22,375,961.60. This trade represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 91,729 shares of company stock valued at $2,322,582 in the last three months. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CHWY. Bank of America lowered their target price on shares of Chewy from $33.00 to $31.00 in a research report on Thursday, June 11th. TD Cowen reaffirmed a "buy" rating on shares of Chewy in a research report on Tuesday, June 23rd. Zacks Research downgraded Chewy from a "hold" rating to a "strong sell" rating in a research note on Thursday, June 25th. Needham & Company LLC reissued a "hold" rating on shares of Chewy in a report on Thursday, June 11th. Finally, Moffett Nathanson set a $28.00 price objective on Chewy in a research note on Thursday, June 11th. One 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 stock. Based on data from MarketBeat.com, Chewy has an average rating of "Moderate Buy" and a consensus price target of $32.05.

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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