Chewy (NYSE:CHWY) Shares Gap Up – Should You Buy?

Chewy, Inc. (NYSE:CHWY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $33.61, but opened at $34.45. Chewy shares last traded at $33.04, with a volume of 6,614,334 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHWY. JMP Securities restated a “market outperform” rating and set a $37.00 target price on shares of Chewy in a research report on Monday, December 16th. Royal Bank of Canada upped their target price on shares of Chewy from $39.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, December 5th. BNP Paribas lowered Chewy from an “outperform” rating to a “neutral” rating in a research note on Thursday, December 5th. Mizuho raised Chewy from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $24.00 to $42.00 in a research note on Monday, January 6th. Finally, Seaport Res Ptn upgraded Chewy to a “hold” rating in a research report on Monday. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.95.

Chewy Trading Up 0.9 %

The stock’s 50-day moving average is $36.17 and its 200-day moving average is $33.14. The stock has a market cap of $13.81 billion, a price-to-earnings ratio of 37.14, a P/E/G ratio of 2.21 and a beta of 1.23.

Insider Buying and Selling

In other news, CTO Satish Mehta sold 168,105 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $36.32, for a total value of $6,105,573.60. Following the sale, the chief technology officer now owns 417,857 shares in the company, valued at approximately $15,176,566.24. This represents a 28.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Argos Holdings Gp Llc sold 7,000,000 shares of Chewy stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $35.77, for a total value of $250,390,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 8,655,172 shares of company stock valued at $310,353,221. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Banque Transatlantique SA bought a new stake in Chewy during the fourth quarter valued at $30,000. Fifth Third Bancorp lifted its holdings in Chewy by 83.0% in the fourth quarter. Fifth Third Bancorp now owns 979 shares of the company’s stock worth $33,000 after acquiring an additional 444 shares during the last quarter. Blue Trust Inc. boosted its stake in Chewy by 22.9% in the fourth quarter. Blue Trust Inc. now owns 1,718 shares of the company’s stock valued at $58,000 after acquiring an additional 320 shares during the period. Allworth Financial LP raised its position in shares of Chewy by 52.0% during the 4th quarter. Allworth Financial LP now owns 1,900 shares of the company’s stock worth $71,000 after purchasing an additional 650 shares during the period. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Chewy in the 4th quarter worth approximately $67,000. Institutional investors and hedge funds 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.