Chewy (NYSE:CHWY) Reaches New 52-Week Low Following Analyst Downgrade

Chewy, Inc. (NYSE:CHWY)’s share price reached a new 52-week low during trading on Wednesday after Piper Sandler lowered their price target on the stock from $19.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. Chewy traded as low as $15.07 and last traded at $15.09, with a volume of 8572021 shares. The stock had previously closed at $15.60.

Several other equities research analysts have also recently commented on the company. Barclays upgraded Chewy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $19.00 to $30.00 in a research note on Thursday, January 11th. Mizuho started coverage on Chewy in a research note on Tuesday, March 19th. They set a “neutral” rating and a $18.00 price target for the company. JPMorgan Chase & Co. cut their price objective on Chewy from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, March 21st. Jefferies Financial Group cut their price objective on Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, March 21st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $28.00 price objective on shares of Chewy in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chewy currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Insider Activity at Chewy

In related news, CEO Sumit Singh sold 192,642 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $17.70, for a total transaction of $3,409,763.40. Following the sale, the chief executive officer now directly owns 1,307,025 shares in the company, valued at approximately $23,134,342.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Chewy news, CEO Sumit Singh sold 192,642 shares of Chewy stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total transaction of $3,409,763.40. Following the sale, the chief executive officer now directly owns 1,307,025 shares in the company, valued at approximately $23,134,342.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Satish Mehta sold 40,523 shares of Chewy stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $717,257.10. Following the sale, the chief technology officer now owns 557,058 shares in the company, valued at $9,859,926.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 250,169 shares of company stock worth $4,396,079. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Headinvest LLC acquired a new position in shares of Chewy in the 3rd quarter worth approximately $39,000. Quest Partners LLC acquired a new position in shares of Chewy in the 4th quarter worth approximately $65,000. Signaturefd LLC grew its position in shares of Chewy by 37.8% in the 4th quarter. Signaturefd LLC now owns 3,358 shares of the company’s stock worth $79,000 after acquiring an additional 922 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Chewy by 15.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock worth $95,000 after acquiring an additional 543 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Chewy in the 1st quarter worth approximately $65,000. Institutional investors and hedge funds own 93.09% of the company’s stock.

Chewy Trading Down 3.3 %

The company has a market cap of $6.56 billion, a price-to-earnings ratio of 188.65, a price-to-earnings-growth ratio of 8.17 and a beta of 0.90. The firm has a 50-day moving average price of $16.76 and a 200 day moving average price of $18.63.

Chewy (NYSE:CHWY) last released its quarterly earnings data on Wednesday, March 20th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Chewy had a return on equity of 11.69% and a net margin of 0.33%. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. Research analysts anticipate that Chewy, Inc. will post 0.08 earnings per share for the current fiscal year.

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.