Chewy (NYSE:CHWY) Trading 3.4% Higher

Chewy, Inc. (NYSE:CHWY)’s stock price rose 3.4% on Tuesday . The company traded as high as $27.45 and last traded at $27.27. Approximately 847,180 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 9,647,951 shares. The stock had previously closed at $26.38.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wedbush reissued an “outperform” rating and set a $35.00 price objective on shares of Chewy in a report on Thursday, August 29th. Royal Bank of Canada raised their price objective on shares of Chewy from $24.00 to $32.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Wolfe Research initiated coverage on Chewy in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Argus downgraded Chewy from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Chewy has a consensus rating of “Moderate Buy” and an average target price of $29.11.

Chewy Price Performance

The company’s 50 day simple moving average is $25.76 and its 200 day simple moving average is $21.19. The stock has a market cap of $13.14 billion, a P/E ratio of 167.89, a P/E/G ratio of 2.61 and a beta of 1.04.

Insiders Place Their Bets

In related news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $30.32, for a total transaction of $40,576,103.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Chewy news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of Chewy stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $30.32, for a total value of $40,576,103.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sumit Singh sold 14,338 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $22.24, for a total value of $318,877.12. Following the transaction, the chief executive officer now owns 1,398,271 shares of the company’s stock, valued at $31,097,547.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,906,141 shares of company stock worth $540,973,233. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Chewy

Institutional investors and hedge funds have recently made changes to their positions in the stock. BC Partners Advisors L.P. bought a new position in shares of Chewy in the 2nd quarter valued at about $7,517,800,000. Baillie Gifford & Co. increased its holdings in shares of Chewy by 7.2% during the 1st quarter. Baillie Gifford & Co. now owns 19,819,195 shares of the company’s stock worth $315,323,000 after acquiring an additional 1,336,431 shares during the last quarter. Vanguard Group Inc. raised its stake in Chewy by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 10,480,230 shares of the company’s stock valued at $166,740,000 after acquiring an additional 875,532 shares during the period. Bank of New York Mellon Corp lifted its holdings in 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 purchasing an additional 258,502 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Chewy by 1,028.6% during the second quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock worth $78,801,000 after purchasing an additional 2,636,526 shares during the period. Institutional investors own 93.09% of the company’s stock.

About Chewy

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.