Bank of America Upgrades Chewy (NYSE:CHWY) to Buy

Chewy (NYSE:CHWY) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $40.00 price objective on the stock, up from their previous price objective of $24.00. Bank of America‘s price objective would suggest a potential upside of 21.43% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Wedbush reissued an “outperform” rating and issued a $35.00 price target on shares of Chewy in a report on Thursday, August 29th. Royal Bank of Canada boosted their target price on shares of Chewy from $24.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. TD Cowen started coverage on shares of Chewy in a research report on Wednesday, October 9th. They set a “buy” rating and a $38.00 price target on the stock. Morgan Stanley upped their price objective on shares of Chewy from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Finally, Robert W. Baird lifted their price target on Chewy from $26.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.25.

Chewy Stock Up 3.4 %

Shares of NYSE:CHWY opened at $32.94 on Wednesday. The business has a 50-day moving average price of $29.67 and a 200-day moving average price of $25.72. The stock has a market cap of $13.77 billion, a price-to-earnings ratio of 40.17, a PEG ratio of 3.16 and a beta of 1.06. Chewy has a 52-week low of $14.69 and a 52-week high of $39.10.

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

Insiders Place Their Bets

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $29.40, for a total value of $36,750,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Chewy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHWY. BC Partners Advisors L.P. acquired a new stake in Chewy during the second quarter worth approximately $7,517,800,000. Vanguard Group Inc. boosted its position in shares of Chewy by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock worth $166,740,000 after acquiring an additional 875,532 shares during the last quarter. FMR LLC increased its position in Chewy by 166.8% during the third quarter. FMR LLC now owns 3,995,329 shares of the company’s stock worth $117,023,000 after purchasing an additional 2,497,689 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Chewy by 7.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,553,104 shares of the company’s stock valued at $96,787,000 after buying an additional 258,502 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Chewy by 1,028.6% during the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after buying an additional 2,636,526 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company’s stock.

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.