Honeycomb Asset Management LP Purchases Shares of 175,000 Chewy $CHWY

Key Points

• Honeycomb Asset Management bought 175,000 Chewy shares worth approximately $4.7 million, making the stock its second-largest holding at 24.3% of assets.
• Institutional ownership remains high at 93.09%, with several firms—including Bank of America, Amundi and Encore Global Management—adding to or initiating positions during the first quarter.
• Chewy shares opened at $22.59, while analysts maintained a generally positive outlook: the stock carries a “Moderate Buy” consensus rating and a $32.05 average price target, despite recent insider selling.

Honeycomb Asset Management LP purchased a new position in Chewy (NYSE:CHWY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 175,000 shares of the company's stock, valued at approximately $4,725,000. Chewy comprises approximately 24.3% of Honeycomb Asset Management LP's holdings, making the stock its 2nd largest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Essential Partners LLC increased its position in shares of Chewy by 144.7% in the 1st quarter. Essential Partners LLC now owns 7,778 shares of the company's stock valued at $210,000 after acquiring an additional 4,600 shares during the period. Bank of America Corp DE lifted its position in Chewy by 12.7% during the 1st quarter. Bank of America Corp DE now owns 4,816,924 shares of the company's stock worth $130,057,000 after acquiring an additional 542,298 shares during the period. Bull Harbor Capital LLC acquired a new stake in Chewy during the 1st quarter worth about $398,000. Encore Global Management LP purchased a new stake in Chewy during the 1st quarter valued at about $3,010,000. Finally, Amundi grew its stake in Chewy by 191.8% during the 1st quarter. Amundi now owns 1,466,126 shares of the company's stock valued at $39,584,000 after purchasing an additional 963,750 shares during the last quarter. 93.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, General Counsel Da-Wai Hu sold 4,203 shares of Chewy stock in a transaction that occurred 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 of the company's stock, valued at $79,967.47. The trade was a 50.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sumit Singh sold 83,306 shares of Chewy stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $25.60, for a total transaction of $2,132,633.60. Following the transaction, the chief executive officer directly owned 874,061 shares of the company's stock, valued at approximately $22,375,961.60. This trade represents a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

Chewy Stock Down 1.0%

Shares of CHWY opened at $22.59 on Friday. Chewy has a 52 week low of $17.40 and a 52 week high of $43.50. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 1.14 and a beta of 1.45. The stock's 50-day moving average price is $20.50 and its 200-day moving average price is $24.33.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CHWY shares. Wolfe Research restated an "outperform" rating and issued a $27.00 price objective on shares of Chewy in a research note on Thursday, June 11th. Moffett Nathanson set a $28.00 target price on Chewy in a research report on Thursday, June 11th. Argus upgraded shares of Chewy to a "strong-buy" rating in a report on Tuesday, April 7th. Citigroup reissued a "market outperform" rating on shares of Chewy in a research report on Thursday, June 11th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Chewy from $35.00 to $29.00 and set an "overweight" rating for the company 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, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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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