Chewy (NYSE:CHWY) Shares Gap Down to $16.97

Chewy, Inc. (NYSE:CHWY - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $16.97, but opened at $16.59. Chewy shares last traded at $16.24, with a volume of 2,283,358 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CHWY. The Goldman Sachs Group cut their price objective on Chewy from $36.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, March 21st. Citigroup reduced their price target on shares of Chewy from $18.00 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Chewy in a report on Thursday, March 21st. Bank of America cut their price objective on shares of Chewy from $17.00 to $16.50 and set an "underperform" rating on the stock in a research note on Thursday, March 21st. Finally, Jefferies Financial Group decreased their target price on shares of Chewy from $27.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Chewy has a consensus rating of "Moderate Buy" and a consensus target price of $26.83.

Chewy Stock Performance

The stock has a market capitalization of $6.98 billion, a PE ratio of 198.52, a price-to-earnings-growth ratio of 8.50 and a beta of 0.91. The stock's 50 day moving average is $16.39 and its two-hundred day moving average is $18.43.

Chewy (NYSE:CHWY - Get Free Report) last released its earnings results on Wednesday, March 20th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.09. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. Chewy had a return on equity of 11.69% and a net margin of 0.33%. Equities research analysts expect that Chewy, Inc. will post 0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the company's stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $15.53, for a total value of $124,628.25. Following the completion of the sale, the chief accounting officer now directly owns 243,769 shares in the company, valued at approximately $3,785,732.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Chewy news, CAO Stacy Bowman sold 8,025 shares of the business's stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $15.53, for a total value of $124,628.25. Following the transaction, the chief accounting officer now directly owns 243,769 shares in the company, valued at approximately $3,785,732.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Satish Mehta sold 8,019 shares of the firm's stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total transaction of $121,247.28. Following the sale, the chief technology officer now owns 569,594 shares of the company's stock, valued at approximately $8,612,261.28. The disclosure for this sale can be found here. Insiders have sold 69,993 shares of company stock valued at $1,067,363 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chewy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings in Chewy by 7.2% during the 1st quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company's stock valued at $315,323,000 after acquiring an additional 1,336,431 shares during the period. Vanguard Group Inc. boosted its stake in shares of Chewy by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company's stock valued at $166,740,000 after purchasing an additional 875,532 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of Chewy in the fourth quarter valued at approximately $42,223,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Chewy by 127.8% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,717,660 shares of the company's stock worth $27,328,000 after buying an additional 963,540 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in Chewy by 141.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,188,823 shares of the company's stock worth $21,708,000 after buying an additional 695,907 shares during the period. 93.09% of the stock is owned by hedge funds and other institutional investors.

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.