Chewy (NYSE:CHWY) Shares Cross Below 50-Day Moving Average - Here's What Happened

Shares of Chewy (NYSE:CHWY - Get Free Report) crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $21.05 and traded as low as $20.33. Chewy shares last traded at $20.5920, with a volume of 8,352,814 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CHWY shares. Citizens Jmp reissued a "market outperform" rating and set a $28.00 price target on shares of Chewy in a research note on Thursday, September 10th. Robert W. Baird dropped their price objective on Chewy from $30.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, September 10th. Royal Bank Of Canada dropped their price objective on Chewy from $34.00 to $31.00 and set an "outperform" rating for the company in a research note on Thursday, September 10th. Rosenblatt Securities reduced their price objective on Chewy from $25.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. downgraded Chewy from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $29.00 to $24.00 in a research report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.45.

Chewy Stock Down 4.3%

The company has a market cap of $8.28 billion, a PE ratio of 31.20, a P/E/G ratio of 0.91 and a beta of 1.38. The firm has a 50-day simple moving average of $21.05 and a two-hundred day simple moving average of $23.47. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.84 and a quick ratio of 0.42.

Chewy (NYSE:CHWY - Get Free Report) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.18. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.32 billion. Chewy had a return on equity of 60.88% and a net margin of 2.09%. The business's revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 earnings per share. Research analysts anticipate that Chewy will post 0.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO William G. Billings sold 17,283 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $21.00, for a total value of $362,943.00. Following the completion of the transaction, the chief accounting officer owned 39,772 shares of the company's stock, valued at approximately $835,212. The trade was a 30.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On Chewy

Several hedge funds have recently modified their holdings of the company. Amundi grew its stake in shares of Chewy by 191.8% during the first quarter. Amundi now owns 1,466,126 shares of the company's stock valued at $39,584,000 after acquiring an additional 963,750 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Chewy by 49.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,739,267 shares of the company's stock worth $46,942,000 after acquiring an additional 578,801 shares during the last quarter. Bank of America Corp DE increased its position in shares of Chewy by 12.7% during the first 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 last quarter. Senvest Management LLC purchased a new stake in shares of Chewy during the first quarter worth about $11,070,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Chewy by 1,937.1% in the first quarter. Janney Montgomery Scott LLC now owns 239,743 shares of the company's stock worth $6,473,000 after acquiring an additional 227,974 shares in the last quarter. 93.09% of the stock is owned by institutional investors and hedge funds.

Chewy Company Profile

Chewy, Inc is an e-commerce company focused on pet products and services. Through its website and mobile platforms, the company sells pet food, treats, toys, supplies, and accessories for dogs, cats, fish, birds, reptiles, and other household pets.

Chewy also offers pet medications and veterinary-related products through its online pharmacy, as well as services such as Autoship subscriptions, which allow customers to schedule recurring deliveries. Its assortment includes national brands and private-label products, and the company emphasizes customer service, convenience, and personalized recommendations.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated as an online pet-food retailer before expanding into a broader pet-commerce platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.