Chewy (NYSE:CHWY) Reaches New 12-Month Low on Disappointing Earnings

Chewy Inc (NYSE:CHWY)’s share price reached a new 52-week low during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $30.25 and last traded at $30.50, with a volume of 4736879 shares. The stock had previously closed at $32.85.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. The company’s revenue for the quarter was up 45.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.15) earnings per share.

A number of analysts have commented on the company. Raymond James set a C$31.00 target price on Endeavour Mining and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. Morgan Stanley boosted their target price on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. assumed coverage on Pinduoduo in a research report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price on the stock. Bank of America reiterated a “buy” rating and set a $43.00 target price (up from $36.00) on shares of The Medicines in a research report on Tuesday, July 9th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $30.00 target price on shares of Amarin in a research report on Tuesday, July 9th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $37.56.

In other Chewy news, major shareholder Argos Holdings Gp Llc sold 47,875,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $20.90, for a total transaction of $1,000,587,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sumit Singh purchased 11,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were 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 purchased 152,500 shares of company stock valued at $3,355,000 over the last quarter.

A hedge fund recently bought a new stake in Chewy stock. Meridian Wealth Management LLC purchased a new stake in Chewy Inc (NYSE:CHWY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,820 shares of the company’s stock, valued at approximately $64,000.

Chewy Company Profile (NYSE:CHWY)

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.

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