Chewy (NYSE:CHWY) Shares Down 5.7% – Here’s Why

Shares of Chewy (NYSE:CHWY) dropped 5.7% during mid-day trading on Wednesday . The stock traded as low as $23.35 and last traded at $23.2950. 3,088,534 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 8,450,348 shares. The stock had previously closed at $24.69.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Piper Sandler reissued an “overweight” rating on shares of Chewy in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft dropped their price target on Chewy from $45.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, June 11th. Citizens Jmp reduced their price objective on Chewy from $45.00 to $28.00 and set a “market outperform” rating for the company in a research note on Thursday, June 11th. Bank of America decreased their price objective on Chewy from $33.00 to $31.00 in a report on Thursday, June 11th. Finally, Barclays lowered their target price on shares of Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Chewy Stock Performance

The stock’s 50 day simple moving average is $21.43 and its two-hundred day simple moving average is $23.31. The firm has a market capitalization of $9.52 billion, a PE ratio of 38.75, a price-to-earnings-growth ratio of 1.24 and a beta of 1.42.

Insider Activity

In related news, General Counsel Da-Wai Hu sold 4,203 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.49, for a total value of $81,916.47. Following the completion of the sale, the general counsel owned 4,103 shares of the company’s stock, valued at approximately $79,967.47. This trade represents a 50.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is owned by company insiders.

Institutional Trading of Chewy

Large investors have recently added to or reduced their stakes in the stock. Harbour Investments Inc. increased its stake in shares of Chewy by 81.4% in the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company’s stock worth $30,000 after acquiring an additional 407 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Chewy during the 2nd quarter worth $30,000. Los Angeles Capital Management LLC acquired a new position in shares of Chewy during the 4th quarter valued at about $31,000. Modus Advisors LLC acquired a new position in shares of Chewy during the 4th quarter valued at about $34,000. Finally, Montag A & Associates Inc. grew its holdings in shares of Chewy by 58.8% in the fourth quarter. Montag A & Associates Inc. now owns 1,270 shares of the company’s stock valued at $42,000 after purchasing an additional 470 shares during the period. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Chewy Company Profile

Chewy, Inc (NYSE: CHWY) is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.