Chewy (NYSE:CHWY) Upgraded by Bank of America to Buy Rating

Bank of America upgraded shares of Chewy (NYSE:CHWY) from an underperform rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat reports. They currently have $40.00 price target on the stock, up from their previous price target of $24.00.

A number of other research analysts have also weighed in on the company. UBS Group increased their price target on Chewy from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Raymond James lowered Chewy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 21st. Morgan Stanley lifted their price target on Chewy from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Evercore ISI raised their target price on shares of Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, Citigroup raised shares of Chewy from a “neutral” rating to a “buy” rating and increased their price target for the stock from $28.00 to $40.00 in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.25.

Chewy Price Performance

CHWY stock opened at $34.60 on Wednesday. Chewy has a 12 month low of $14.69 and a 12 month high of $39.10. The firm has a market capitalization of $14.46 billion, a PE ratio of 42.19, a P/E/G ratio of 3.16 and a beta of 1.06. The company’s 50 day simple moving average is $29.76 and its 200-day simple moving average is $25.78.

Chewy (NYSE:CHWY) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.02. Chewy had a return on equity of 21.00% and a net margin of 3.20%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.86 billion. As a group, sell-side analysts anticipate that Chewy will post 0.32 earnings per share for the current year.

Insider Activity at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total transaction of $36,750,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Chewy

Several institutional investors have recently made changes to their positions in CHWY. BC Partners Advisors L.P. acquired a new position in Chewy during the 2nd quarter valued at approximately $7,517,800,000. Marshall Wace LLP grew its position in shares of Chewy by 1,028.6% during the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after acquiring an additional 2,636,526 shares during the last quarter. FMR LLC increased its holdings in shares of Chewy by 166.8% in the 3rd quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after acquiring an additional 2,497,689 shares during the period. Fiera Capital Corp bought a new stake in Chewy in the 2nd quarter valued at about $44,373,000. Finally, Clearbridge Investments LLC acquired a new position in Chewy during the 2nd quarter valued at about $40,798,000. 93.09% of the stock is owned by 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.