Chewy (NYSE:CHWY) Shares Gap Up – Here’s What Happened

Chewy, Inc. (NYSE:CHWY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $33.61, but opened at $34.45. Chewy shares last traded at $33.04, with a volume of 6,614,334 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on CHWY shares. Needham & Company LLC restated a “hold” rating on shares of Chewy in a research report on Thursday, December 5th. The Goldman Sachs Group raised their target price on Chewy from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada boosted their price target on Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. Evercore ISI raised Chewy from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $34.00 to $47.00 in a report on Monday, January 13th. Finally, BNP Paribas cut Chewy from an “outperform” rating to a “neutral” rating in a research note on Thursday, December 5th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.95.

Chewy Trading Up 0.9 %

The firm’s 50-day simple moving average is $36.17 and its two-hundred day simple moving average is $33.14. The stock has a market capitalization of $13.81 billion, a PE ratio of 37.14, a PEG ratio of 2.21 and a beta of 1.23.

Insider Transactions at Chewy

In other Chewy news, CEO Sumit Singh sold 571,903 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $34.52, for a total value of $19,742,091.56. Following the transaction, the chief executive officer now owns 898,222 shares in the company, valued at approximately $31,006,623.44. This represents a 38.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of Chewy stock in a transaction on Monday, January 6th. The shares were sold at an average price of $35.77, for a total transaction of $250,390,000.00. The disclosure for this sale can be found here. Insiders sold a total of 8,655,172 shares of company stock valued at $310,353,221 over the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Several institutional investors have recently made changes to their positions in the company. Banque Transatlantique SA acquired a new position in Chewy in the fourth quarter worth approximately $30,000. Fifth Third Bancorp lifted its stake in shares of Chewy by 83.0% in the 4th quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock valued at $33,000 after purchasing an additional 444 shares during the last quarter. Blue Trust Inc. boosted its holdings in Chewy by 22.9% in the fourth quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock worth $58,000 after purchasing an additional 320 shares in the last quarter. Allworth Financial LP raised its holdings in Chewy by 52.0% during the fourth quarter. Allworth Financial LP now owns 1,900 shares of the company’s stock valued at $71,000 after buying an additional 650 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Chewy during the 4th quarter valued at about $67,000. 93.09% of the stock is currently owned by institutional investors and hedge funds.

Chewy Company 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.