Chewy (NYSE:CHWY) Raised to Buy at Citigroup

Citigroup upgraded shares of Chewy (NYSE:CHWY) from a neutral rating to a buy rating in a research note released on Friday, MarketBeat.com reports. They currently have $40.00 target price on the stock, up from their previous target price of $28.00.

Several other analysts also recently weighed in on CHWY. Needham & Company LLC reaffirmed a “hold” rating on shares of Chewy in a report on Wednesday, October 23rd. Robert W. Baird lifted their price objective on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. increased their target price on Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Wolfe Research assumed coverage on Chewy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Raymond James lowered Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.15.

Chewy Stock Performance

Chewy stock traded up $2.82 during mid-day trading on Friday, reaching $33.49. 3,381,734 shares of the company were exchanged, compared to its average volume of 8,872,664. The firm’s 50-day simple moving average is $28.92 and its two-hundred day simple moving average is $24.88. Chewy has a twelve month low of $14.69 and a twelve month high of $39.10. The firm has a market cap of $14.00 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 2.97 and a beta of 1.06.

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

Insider Transactions at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total transaction of $36,750,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

A number of institutional investors have recently bought and sold shares of the stock. 1620 Investment Advisors Inc. acquired a new position in shares of Chewy in the 2nd quarter valued at about $33,000. Blue Trust Inc. grew its stake in Chewy by 183.6% during the third quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock worth $38,000 after buying an additional 905 shares during the period. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Chewy in the second quarter worth $44,000. First Horizon Advisors Inc. purchased a new position in shares of Chewy in the 2nd quarter valued at $48,000. Finally, Planning Capital Management Corp acquired a new position in shares of Chewy during the 3rd quarter valued at $52,000. 93.09% of the stock is currently 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.