Mizuho Cuts Chewy (NYSE:CHWY) Price Target to $28.00

Chewy (NYSE:CHWY) had its price target decreased by Mizuho from $32.00 to $28.00 in a research note issued to investors on Tuesday, MarketBeat reports. Mizuho currently has an outperform rating on the stock.

A number of other brokerages have also weighed in on CHWY. Deutsche Bank Aktiengesellschaft lowered their target price on Chewy from $45.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, June 11th. Barclays decreased their price objective on Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a report on Thursday, June 11th. Raymond James Financial increased their price objective on Chewy from $25.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, September 4th. Piper Sandler reissued an “overweight” rating on shares of Chewy in a report on Friday, August 21st. Finally, Royal Bank Of Canada dropped their target price on Chewy from $34.00 to $31.00 and set an “outperform” rating for the company in a report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.45.

Chewy Stock Down 2.4%

Shares of CHWY opened at $17.76 on Tuesday. Chewy has a 52 week low of $17.40 and a 52 week high of $39.70. The firm has a market cap of $7.14 billion, a P/E ratio of 26.91, a price-to-earnings-growth ratio of 0.75 and a beta of 1.39. The firm’s 50-day simple moving average is $22.02 and its 200 day simple moving average is $22.42. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.42 and a current ratio of 0.84.

Chewy (NYSE:CHWY) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.18. The firm had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.32 billion. Chewy had a net margin of 2.09% and a return on equity of 60.88%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 EPS. On average, analysts forecast that Chewy will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On Chewy

A number of hedge funds have recently added to or reduced their stakes in CHWY. Bank of America Corp DE grew its holdings in shares of Chewy by 12.7% during the 1st quarter. Bank of America Corp DE now owns 4,816,924 shares of the company’s stock worth $130,057,000 after purchasing an additional 542,298 shares in the last quarter. Norges Bank bought a new position in shares of Chewy in the fourth quarter worth $154,647,000. Geode Capital Management LLC raised its stake in Chewy by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 4,432,257 shares of the company’s stock valued at $146,515,000 after purchasing an additional 145,539 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Chewy by 17.4% in the fourth quarter. Bank of New York Mellon Corp now owns 4,336,629 shares of the company’s stock valued at $143,326,000 after purchasing an additional 642,584 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Chewy by 764.8% during the first quarter. SG Americas Securities LLC now owns 2,213,220 shares of the company’s stock worth $59,757,000 after purchasing an additional 1,957,284 shares during the period. Institutional investors own 93.09% of the company’s stock.

About Chewy

Chewy, Inc is an e-commerce company focused on pet products and services. Through its website and mobile application, the company sells food, treats, toys, supplies, accessories and other products for dogs, cats, fish, birds, reptiles and small pets.

The company also offers prescription and over-the-counter medications through Chewy Pharmacy, as well as pet health products and related services. Its Autoship program allows customers to schedule recurring deliveries of regularly purchased items, while customer support and other digital features are designed to support pet owners throughout the pet-care lifecycle.

Chewy was founded in 2011 by Ryan Cohen and Michael Day and was acquired by PetSmart in 2017.