Eventide Asset Management LLC Makes New $13.45 Million Investment in Chewy $CHWY

Key Points

• Eventide Asset Management LLC has acquired a new stake in Chewy, purchasing 413,875 shares valued at approximately $13.45 million, representing about 0.10% ownership of the company.
• Several other institutional investors have significantly increased their stakes in Chewy, including Durable Capital Partners LP and Ameriprise Financial, leading to over 93% of the stock being owned by hedge funds and other institutions.
• Analysts are optimistic about Chewy's future, with multiple firms raising their target prices, resulting in a consensus rating of "Moderate Buy" and an average price target of $43.78.

Eventide Asset Management LLC purchased a new position in shares of Chewy (NYSE:CHWY - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 413,875 shares of the company's stock, valued at approximately $13,453,000. Eventide Asset Management LLC owned about 0.10% of Chewy as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Aigen Investment Management LP acquired a new stake in shares of Chewy in the 1st quarter valued at approximately $791,000. Jefferies Financial Group Inc. acquired a new stake in Chewy during the 1st quarter valued at $3,251,000. D.A. Davidson & CO. lifted its holdings in Chewy by 38.7% during the 1st quarter. D.A. Davidson & CO. now owns 43,725 shares of the company's stock valued at $1,422,000 after purchasing an additional 12,206 shares during the last quarter. Polar Asset Management Partners Inc. lifted its holdings in 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 purchasing an additional 60,533 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Chewy by 74.5% during the 1st quarter. Victory Capital Management Inc. now owns 139,889 shares of the company's stock valued at $4,548,000 after purchasing an additional 59,711 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company's stock.

Insider Transactions at Chewy

In other news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $41.75, for a total value of $1,250,000,010.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO William G. Billings sold 20,142 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $35.57, for a total value of $716,450.94. Following the completion of the transaction, the chief accounting officer directly owned 29,464 shares of the company's stock, valued at $1,048,034.48. This represents a 40.60% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,008,777 shares of company stock worth $1,252,444,321. 0.43% of the stock is owned by corporate insiders.

Chewy Stock Performance

Shares of NYSE CHWY traded down $0.74 during mid-day trading on Monday, reaching $41.59. The company had a trading volume of 7,229,094 shares, compared to its average volume of 6,297,167. Chewy has a one year low of $25.82 and a one year high of $48.62. The firm has a market cap of $17.27 billion, a price-to-earnings ratio of 46.74, a PEG ratio of 8.84 and a beta of 1.65. The business's 50-day simple moving average is $38.84 and its 200 day simple moving average is $38.23.

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly earnings results on Wednesday, June 11th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. Chewy had a return on equity of 35.04% and a net margin of 3.21%.The company had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same quarter last year, the business earned $0.31 earnings per share. Chewy's revenue was up 6.3% on a year-over-year basis. Chewy has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Chewy will post 0.24 EPS for the current year.

Analyst Upgrades and Downgrades

CHWY has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on Chewy from $36.00 to $47.00 and gave the company an "overweight" rating in a report on Thursday, June 12th. Barclays raised their price target on Chewy from $44.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, May 28th. Evercore ISI set a $52.00 target price on Chewy and gave the stock an "outperform" rating in a report on Thursday, June 12th. Royal Bank Of Canada reissued an "outperform" rating and set a $44.00 target price (up previously from $42.00) on shares of Chewy in a report on Thursday, June 12th. Finally, Citigroup reissued an "outperform" rating on shares of Chewy in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Chewy currently has an average rating of "Moderate Buy" and an average price target of $43.94.

Chewy 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.