Chewy (NYSE:CHWY) Upgraded by Bank of America to Buy Rating

Bank of America upgraded shares of Chewy (NYSE:CHWY) from an underperform rating to a buy rating in a report published on Wednesday morning, MarketBeat.com reports. Bank of America currently has $40.00 price target on the stock, up from their prior price target of $24.00.

Other analysts have also issued research reports about the company. UBS Group upped their price objective on Chewy from $21.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Evercore ISI lifted their price objective on shares of Chewy from $22.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Needham & Company LLC reissued a “hold” rating on shares of Chewy in a research note on Wednesday, October 23rd. Piper Sandler reiterated an “overweight” rating and issued a $35.00 price target on shares of Chewy in a research report on Friday, September 20th. Finally, Royal Bank of Canada lifted their price objective on shares of Chewy from $24.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.25.

Chewy Trading Up 5.0 %

Chewy stock opened at $34.60 on Wednesday. Chewy has a 52 week low of $14.69 and a 52 week high of $39.10. The stock has a market cap of $14.46 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 3.16 and a beta of 1.06. The company’s 50-day moving average price is $29.76 and its two-hundred day moving average price is $25.78.

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

Insider Transactions at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 1,250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $29.40, for a total transaction of $36,750,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Chewy

Several institutional investors have recently bought and sold shares of CHWY. Virtu Financial LLC bought a new position in Chewy in the 3rd quarter worth approximately $795,000. Geode Capital Management LLC increased its holdings in Chewy by 8.4% in the third quarter. Geode Capital Management LLC now owns 1,550,844 shares of the company’s stock valued at $45,443,000 after purchasing an additional 119,633 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Chewy by 19.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 58,661 shares of the company’s stock valued at $1,718,000 after buying an additional 9,548 shares during the period. CTC Alternative Strategies Ltd. bought a new position in Chewy during the third quarter worth about $208,000. Finally, Wellington Management Group LLP grew its position in shares of Chewy by 22.0% during the 3rd quarter. Wellington Management Group LLP now owns 921,741 shares of the company’s stock worth $26,998,000 after buying an additional 166,187 shares during the period. 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.