Pier 88 Investment Partners LLC Acquires 26,970 Shares of Chewy (NYSE:CHWY)

Pier 88 Investment Partners LLC increased its position in Chewy (NYSE:CHWY - Free Report) by 617.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,340 shares of the company's stock after purchasing an additional 26,970 shares during the period. Pier 88 Investment Partners LLC's holdings in Chewy were worth $1,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHWY. Vanguard Group Inc. raised its stake in shares of Chewy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company's stock worth $485,093,000 after buying an additional 3,493,926 shares during the period. Durable Capital Partners LP purchased a new position in shares of Chewy in the 4th quarter worth approximately $79,050,000. Invesco Ltd. lifted its stake in shares of Chewy by 4,577.5% during the 4th quarter. Invesco Ltd. now owns 2,191,146 shares of the company's stock worth $73,381,000 after acquiring an additional 2,144,302 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Chewy during the 1st quarter valued at $61,390,000. Finally, Alyeska Investment Group L.P. raised its position in Chewy by 6,336.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,609,149 shares of the company's stock valued at $53,890,000 after purchasing an additional 1,584,149 shares in the last quarter. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Price Performance

CHWY stock traded up $0.31 during trading hours on Tuesday, reaching $38.20. The stock had a trading volume of 1,160,869 shares, compared to its average volume of 6,142,614. The stock has a market capitalization of $15.86 billion, a PE ratio of 42.94, a price-to-earnings-growth ratio of 8.18 and a beta of 1.71. The stock has a 50-day simple moving average of $42.34 and a 200 day simple moving average of $38.01. Chewy has a fifty-two week low of $19.75 and a fifty-two week high of $48.62.

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

Analyst Upgrades and Downgrades

CHWY has been the subject of several analyst reports. Jefferies Financial Group reissued a "hold" rating and issued a $43.00 price objective (up previously from $41.00) on shares of Chewy in a report on Thursday, June 5th. Royal Bank Of Canada reiterated an "outperform" rating and set a $44.00 price target (up previously from $42.00) on shares of Chewy in a research report on Thursday, June 12th. JMP Securities increased their price target on Chewy from $39.00 to $48.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 10th. Deutsche Bank Aktiengesellschaft set a $27.00 price target on Chewy and gave the stock a "hold" rating in a research report on Monday, April 14th. Finally, Cowen reiterated a "buy" rating on shares of Chewy in a research report on Friday, June 6th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.89.

Insider Activity

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the business's stock in a transaction on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Satish Mehta sold 9,243 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.50, for a total transaction of $337,369.50. Following the completion of the sale, the chief technology officer owned 276,467 shares of the company's stock, valued at approximately $10,091,045.50. The trade was a 3.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,167,614 shares of company stock worth $1,259,102,436 over the last quarter. Company insiders own 0.43% of the company's stock.

About Chewy

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.

Want to see what other hedge funds are holding CHWY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chewy (NYSE:CHWY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.