Chewy Target of Unusually Large Options Trading (NYSE:CHWY)

Chewy, Inc. (NYSE:CHWY) saw some unusual options trading on Friday. Stock traders bought 39,060 call options on the company. This represents an increase of approximately 65% compared to the typical volume of 23,729 call options.

Chewy Price Performance

Shares of Chewy stock opened at $33.86 on Friday. Chewy has a 1-year low of $14.69 and a 1-year high of $40.09. The company’s fifty day simple moving average is $36.25 and its 200-day simple moving average is $32.99. The stock has a market capitalization of $13.79 billion, a PE ratio of 37.21, a P/E/G ratio of 2.21 and a beta of 1.23.

Insider Activity

In related news, CEO Sumit Singh sold 9,285 shares of Chewy stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $40.00, for a total transaction of $371,400.00. Following the completion of the transaction, the chief executive officer now directly owns 489,750 shares of the company’s stock, valued at $19,590,000. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Satish Mehta sold 71,365 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $35.60, for a total transaction of $2,540,594.00. Following the completion of the sale, the chief technology officer now owns 262,853 shares in the company, valued at approximately $9,357,566.80. This trade represents a 21.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,726,333 shares of company stock worth $312,843,856 in the last quarter. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chewy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Chewy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 14,484,717 shares of the company’s stock worth $485,093,000 after buying an additional 3,493,926 shares during the period. FMR LLC increased its holdings in 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 in the last quarter. Durable Capital Partners LP bought a new stake in Chewy during the 4th quarter worth approximately $79,050,000. Invesco Ltd. lifted its holdings in Chewy by 4,577.5% during the fourth quarter. Invesco Ltd. now owns 2,191,146 shares of the company’s stock valued at $73,381,000 after purchasing an additional 2,144,302 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Chewy in the fourth quarter worth approximately $69,789,000. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CHWY has been the topic of several analyst reports. Guggenheim set a $42.00 target price on Chewy and gave the stock a “buy” rating in a report on Tuesday, February 4th. Morgan Stanley upped their price target on shares of Chewy from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. JMP Securities restated a “market outperform” rating and set a $37.00 price objective on shares of Chewy in a research note on Monday, December 16th. JPMorgan Chase & Co. lifted their target price on shares of Chewy from $37.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Evercore ISI upgraded shares of Chewy from an “in-line” rating to an “outperform” rating and increased their price target for the company from $34.00 to $47.00 in a report on Monday, January 13th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chewy presently has a consensus rating of “Moderate Buy” and an average target price of $37.95.

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.