Chewy (NYSE:CHWY) Upgraded by Wedbush to Outperform

Wedbush upgraded shares of Chewy (NYSE:CHWY – Get Rating) from a neutral rating to an outperform rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. They currently have $35.00 price objective on the stock, up from their previous price objective of $30.00. Wedbush also issued estimates for Chewy’s Q2 2023 earnings at ($0.10) EPS, Q3 2023 earnings at ($0.10) EPS, Q4 2023 earnings at ($0.12) EPS, FY2023 earnings at ($0.28) EPS, FY2024 earnings at ($0.19) EPS and FY2025 earnings at ($0.05) EPS.

A number of other research analysts also recently commented on the company. Morgan Stanley reduced their target price on Chewy from $62.00 to $42.00 and set an equal weight rating on the stock in a report on Friday, June 3rd. The Goldman Sachs Group reduced their target price on Chewy from $59.00 to $38.00 and set a neutral rating on the stock in a report on Monday, June 6th. UBS Group reduced their target price on Chewy from $42.00 to $23.00 and set a neutral rating on the stock in a report on Tuesday, May 31st. Piper Sandler reduced their target price on Chewy from $45.00 to $29.00 and set a neutral rating on the stock in a report on Wednesday, June 1st. Finally, Evercore ISI raised their price target on Chewy to $58.00 in a report on Friday, June 3rd. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $55.32.

Chewy stock opened at $36.65 on Tuesday. The stock’s 50 day moving average price is $29.45 and its 200 day moving average price is $41.25. The company has a market cap of $15.41 billion, a PE ratio of -159.35 and a beta of 0.77. Chewy has a 1-year low of $22.22 and a 1-year high of $97.74.

Chewy (NYSE:CHWY – Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.16. Chewy had a negative return on equity of 175.48% and a negative net margin of 1.02%. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same period in the prior year, the firm posted $0.09 earnings per share. The firm’s revenue was up 13.7% on a year-over-year basis. Research analysts expect that Chewy will post -0.35 EPS for the current fiscal year.

In other Chewy news, CEO Sumit Singh sold 155,250 shares of the company’s stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $27.18, for a total value of $4,219,695.00. Following the sale, the chief executive officer now directly owns 722,701 shares in the company, valued at $19,643,013.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James A. Star bought 36,127 shares of the firm’s stock in a transaction dated Monday, June 6th. The shares were acquired at an average price of $27.71 per share, for a total transaction of $1,001,079.17. Following the acquisition, the director now directly owns 110,949 shares of the company’s stock, valued at approximately $3,074,396.79. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 351,369 shares of company stock valued at $9,550,209. Corporate insiders own 1.80% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Elequin Capital LP bought a new position in shares of Chewy during the first quarter worth about $25,000. CWM LLC bought a new position in Chewy in the fourth quarter valued at approximately $27,000. EMC Capital Management bought a new position in Chewy in the fourth quarter valued at approximately $28,000. First Horizon Advisors Inc. grew its stake in Chewy by 254.1% in the fourth quarter. First Horizon Advisors Inc. now owns 517 shares of the company’s stock valued at $30,000 after purchasing an additional 371 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its stake in Chewy by 320.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 840 shares of the company’s stock valued at $34,000 after purchasing an additional 640 shares in the last quarter.

Chewy Company Profile (Get Rating)

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company 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 www.chewy.com retail Website, as well as its mobile applications.

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