Traders Buy Large Volume of Put Options on Chewy (NYSE:CHWY)

Chewy Inc (NYSE:CHWY) was the target of unusually large options trading activity on Monday. Stock traders bought 19,675 put options on the company. This is an increase of approximately 1,121% compared to the typical volume of 1,611 put options.

Several analysts recently issued reports on the stock. Raymond James reaffirmed a “hold” rating on shares of Chewy in a research note on Wednesday, September 18th. Zacks Investment Research cut shares of Chewy from a “hold” rating to a “sell” rating in a research note on Tuesday. Barclays upped their price objective on shares of Chewy from $32.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 18th. Wedbush reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Chewy in a research note on Monday, December 2nd. Finally, ValuEngine raised shares of Chewy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.92.

Chewy stock opened at $25.50 on Wednesday. The company has a 50 day moving average price of $24.46. Chewy has a 1-year low of $21.68 and a 1-year high of $41.34.

Chewy (NYSE:CHWY) last posted its quarterly earnings results on Monday, December 9th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the business posted ($0.29) earnings per share. Chewy’s revenue for the quarter was up 40.5% on a year-over-year basis. As a group, sell-side analysts forecast that Chewy will post -0.58 earnings per share for the current year.

In other Chewy news, Director Sharon Mccollam acquired 3,500 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average price of $27.50 per share, with a total value of $96,250.00. Also, Director James A. Star acquired 41,521 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were acquired at an average cost of $23.94 per share, with a total value of $994,012.74.

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $6,796,000. Baillie Gifford & Co. purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $116,574,000. Vanguard Group Inc. purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $115,212,000. First Republic Investment Management Inc. purchased a new stake in shares of Chewy in the 2nd quarter valued at approximately $599,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Chewy in the 3rd quarter valued at approximately $199,000.

About Chewy

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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