Chewy Inc (NYSE:CHWY) Receives Average Recommendation of “Hold” from Brokerages

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Chewy Inc (NYSE:CHWY) has been given a consensus recommendation of “Hold” by the twelve analysts that are covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $36.90.

CHWY has been the subject of several research reports. Bank of America initiated coverage on shares of Chewy in a research note on Tuesday, July 9th. They set a “buy” rating and a $40.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on shares of Chewy in a research note on Tuesday, July 9th. They set an “overweight” rating and a $42.00 price objective for the company. Wells Fargo & Co initiated coverage on shares of Chewy in a research note on Tuesday, July 9th. They set an “outperform” rating and a $40.00 price objective for the company. Nomura initiated coverage on shares of Chewy in a research note on Tuesday, July 9th. They set a “neutral” rating and a $36.00 price objective for the company. Finally, Royal Bank of Canada initiated coverage on shares of Chewy in a research note on Tuesday, July 9th. They set a “sector perform” rating and a $37.00 price objective for the company.

CHWY stock traded down $0.20 on Friday, hitting $33.75. 1,383,744 shares of the company were exchanged, compared to its average volume of 3,209,611. Chewy has a twelve month low of $29.03 and a twelve month high of $41.34. The company has a fifty day simple moving average of $33.00.

Chewy (NYSE:CHWY) last issued its quarterly earnings results on Thursday, July 18th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business earned ($0.15) earnings per share. The business’s revenue was up 45.2% compared to the same quarter last year. Sell-side analysts anticipate that Chewy will post -0.37 earnings per share for the current fiscal year.

In other news, major shareholder Argos Holdings Gp Llc sold 47,875,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $20.90, for a total value of $1,000,587,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sumit Singh bought 11,000 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was purchased at an average price of $22.00 per share, with a total value of $242,000.00. The disclosure for this purchase can be found here. Insiders bought 152,500 shares of company stock valued at $3,355,000 over the last 90 days.

Several hedge funds have recently made changes to their positions in the company. LPL Financial LLC bought a new position in Chewy in the 2nd quarter valued at about $324,000. Russell Investments Group Ltd. bought a new position in Chewy in the 2nd quarter valued at about $9,590,000. Baillie Gifford & Co. bought a new position in Chewy in the 2nd quarter valued at about $116,574,000. Monashee Investment Management LLC bought a new position in Chewy in the 2nd quarter valued at about $3,500,000. Finally, Gainplan LLC bought a new position in Chewy in the 2nd quarter valued at about $420,000. Institutional investors and hedge funds own 0.14% of the company’s stock.

About Chewy

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company provides pet food, pet products, pet medications, and other pet health products for dogs, cats, fish, birds, small pets, horses, and reptiles through its chewy.com retail Website, as well as its mobile applications.

Read More: Equity Income

Analyst Recommendations for Chewy (NYSE:CHWY)

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