Chewy (NYSE:CHWY) Upgraded by Citigroup to Buy Rating

Chewy (NYSE:CHWY) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a report issued on Friday, Marketbeat reports. The brokerage currently has a $40.00 price target on the stock, up from their prior price target of $28.00. Citigroup’s target price would suggest a potential upside of 30.42% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Piper Sandler reiterated an “overweight” rating and issued a $35.00 price objective on shares of Chewy in a research report on Friday, September 20th. Raymond James cut Chewy from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. Wolfe Research assumed coverage on Chewy in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Wedbush reaffirmed an “outperform” rating and set a $35.00 target price on shares of Chewy in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. increased their price target on Chewy from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.15.

Chewy Trading Down 0.4 %

NYSE:CHWY opened at $30.67 on Friday. The stock has a 50 day moving average of $28.92 and a 200-day moving average of $24.75. The firm has a market capitalization of $12.82 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 2.97 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 issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.86 billion. Chewy had a return on equity of 21.00% and a net margin of 3.20%. As a group, analysts predict that Chewy will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $29.40, for a total value of $789,999,991.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chewy

A number of institutional investors have recently bought and sold shares of CHWY. 1620 Investment Advisors Inc. purchased a new stake in Chewy during the second quarter valued at about $33,000. Blue Trust Inc. lifted its position in shares of Chewy by 183.6% in the 3rd quarter. Blue Trust Inc. now owns 1,398 shares of the company’s stock valued at $38,000 after acquiring an additional 905 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Chewy in the 2nd quarter worth approximately $44,000. First Horizon Advisors Inc. purchased a new position in Chewy during the 2nd quarter worth approximately $48,000. Finally, Planning Capital Management Corp acquired a new stake in Chewy during the 3rd quarter valued at $52,000. 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.