Wells Fargo & Co initiated coverage on shares of Chewy (NYSE:CHWY) in a research report released on Tuesday morning, AnalystRatings.com reports. The brokerage issued an outperform rating and a $40.00 target price on the stock.
“We see significant runway for continued online penetration (~15% now; 25% by ’22E).”,” Wells Fargo & Co‘s analyst commented.
A number of other equities research analysts also recently issued reports on the stock. Wedbush assumed coverage on shares of Chewy in a research report on Thursday, June 20th. They set a neutral rating for the company. Raymond James set a C$31.00 price objective on shares of Endeavour Mining and gave the company an outperform rating in a research report on Tuesday. Royal Bank of Canada reissued a sector perform rating and set a GBX 485 ($6.34) price objective on shares of in a research report on Tuesday. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a research report on Tuesday. They set an underweight rating and a $20.48 price objective for the company. Finally, Morgan Stanley cut their price objective on shares of Virtus Investment Partners from $121.00 to $118.00 and set an equal weight rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Chewy currently has an average rating of Hold and an average price target of $37.44.
In other news, General Counsel Susan Helfrick bought 90,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were bought at an average price of $22.00 per share, for a total transaction of $1,980,000.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sumit Singh bought 11,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were purchased at an average price of $22.00 per share, for a total transaction of $242,000.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 152,500 shares of company stock valued at $3,355,000.
Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company provides pet food, pet products, pet medications, and other pet health products for dogs, cats, fish, birds, small pets, horses, and reptiles through its chewy.com retail Website, as well as its mobile applications.
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