Chewy, Inc. (NYSE:CHWY) Sees Significant Decline in Short Interest

Chewy, Inc. (NYSE:CHWY) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 10,090,000 shares, a decline of 8.5% from the October 15th total of 11,030,000 shares. Based on an average daily volume of 6,440,000 shares, the days-to-cover ratio is presently 1.6 days.

Chewy Stock Performance

CHWY stock traded up $0.15 during mid-day trading on Monday, reaching $31.86. 3,204,529 shares of the stock traded hands, compared to its average volume of 8,771,260. The business has a 50-day moving average price of $29.46 and a two-hundred day moving average price of $25.49. Chewy has a one year low of $14.69 and a one year high of $39.10. The stock has a market capitalization of $13.32 billion, a PE ratio of 39.04, a PEG ratio of 3.16 and a beta of 1.06.

Chewy (NYSE:CHWY) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Chewy had a net margin of 3.20% and a return on equity of 21.00%. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.86 billion. On average, equities analysts expect that Chewy will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Argos Holdings Gp Llc sold 26,870,748 shares of Chewy stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chewy

Large investors have recently bought and sold shares of the company. BC Partners Advisors L.P. purchased a new position in Chewy in the second quarter worth approximately $7,517,800,000. Marshall Wace LLP raised its holdings in shares of Chewy by 1,028.6% in the 2nd quarter. Marshall Wace LLP now owns 2,892,841 shares of the company’s stock valued at $78,801,000 after purchasing an additional 2,636,526 shares in the last quarter. FMR LLC boosted its holdings in Chewy by 166.8% in the third quarter. FMR LLC now owns 3,995,329 shares of the company’s stock valued at $117,023,000 after purchasing an additional 2,497,689 shares in the last quarter. Fiera Capital Corp acquired a new position in Chewy in the second quarter valued at $44,373,000. Finally, Clearbridge Investments LLC acquired a new position in shares of Chewy in the 2nd quarter valued at $40,798,000. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on CHWY shares. JPMorgan Chase & Co. boosted their price objective on shares of Chewy from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Morgan Stanley lifted their target price on shares of Chewy from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Robert W. Baird boosted their target price on Chewy from $26.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, August 20th. Bank of America boosted their target price on Chewy from $20.00 to $24.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Finally, Evercore ISI boosted their target price on Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Chewy currently has an average rating of “Moderate Buy” and a consensus price target of $30.45.

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.