Short Interest in Chewy, Inc. (NYSE:CHWY) Rises By 8.0%

Chewy, Inc. (NYSE:CHWY) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 19,910,000 shares, a growth of 8.0% from the May 31st total of 18,440,000 shares. Based on an average trading volume of 10,580,000 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CHWY. Jefferies Financial Group dropped their price objective on shares of Chewy from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft lifted their price target on Chewy from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Raymond James raised their price objective on Chewy from $19.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. Morgan Stanley boosted their target price on Chewy from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, UBS Group lifted their price objective on shares of Chewy from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chewy currently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Chewy Price Performance

Chewy stock traded down $0.77 during midday trading on Wednesday, reaching $24.10. The company’s stock had a trading volume of 8,324,603 shares, compared to its average volume of 10,767,148. Chewy has a 52-week low of $14.69 and a 52-week high of $39.46. The stock has a market capitalization of $10.48 billion, a P/E ratio of 133.89, a PEG ratio of 4.14 and a beta of 1.03. The stock’s 50-day simple moving average is $20.21 and its 200-day simple moving average is $19.04.

Chewy (NYSE:CHWY) last posted its quarterly earnings results on Wednesday, May 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.11. The business had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Chewy had a net margin of 0.73% and a return on equity of 16.62%. As a group, equities research analysts expect that Chewy will post 0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of Chewy stock in a transaction on Monday, July 1st. The shares were 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 SEC, which is available at the SEC website. In related news, CTO Satish Mehta sold 8,019 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $15.12, for a total value of $121,247.28. Following the transaction, the chief technology officer now directly owns 569,594 shares of the company’s stock, valued at approximately $8,612,261.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Argos Holdings Gp Llc sold 1,338,262 shares of Chewy stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $30.32, for a total transaction of $40,576,103.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,942,371 shares of company stock valued at $541,393,732. 2.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Chewy by 15.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,022 shares of the company’s stock valued at $95,000 after purchasing an additional 543 shares in the last quarter. EntryPoint Capital LLC increased its holdings in Chewy by 18.0% in the first quarter. EntryPoint Capital LLC now owns 4,066 shares of the company’s stock valued at $65,000 after buying an additional 619 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Chewy by 3.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 28,359 shares of the company’s stock worth $451,000 after acquiring an additional 870 shares during the period. Signaturefd LLC boosted its stake in shares of Chewy by 37.8% during 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. Finally, Liberty One Investment Management LLC grew its position in shares of Chewy by 23.7% during the 4th quarter. Liberty One Investment Management LLC now owns 6,483 shares of the company’s stock valued at $153,000 after acquiring an additional 1,241 shares during the period. Hedge funds and other 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.