Encore Global Management LP Takes $3.01 Million Position in Chewy $CHWY

Encore Global Management LP bought a new position in shares of Chewy (NYSE:CHWY) during the first quarter, according to its most recent filing with the SEC. The fund bought 111,500 shares of the company’s stock, valued at approximately $3,010,000. Chewy accounts for 2.1% of Encore Global Management LP’s investment portfolio, making the stock its 18th largest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CoreCap Advisors LLC increased its holdings in Chewy by 306.2% during the fourth quarter. CoreCap Advisors LLC now owns 845 shares of the company’s stock worth $28,000 after buying an additional 637 shares during the last quarter. Harbour Investments Inc. boosted its stake in Chewy by 81.4% in the fourth quarter. Harbour Investments Inc. now owns 907 shares of the company’s stock valued at $30,000 after acquiring an additional 407 shares during the last quarter. Osterweis Capital Management Inc. bought a new position in shares of Chewy during the 2nd quarter valued at approximately $30,000. Los Angeles Capital Management LLC bought a new position in shares of Chewy during the 4th quarter valued at approximately $31,000. Finally, Modus Advisors LLC bought a new position in shares of Chewy during the 4th quarter valued at approximately $34,000. 93.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CHWY shares. Wall Street Zen cut shares of Chewy from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Bank of America reduced their price objective on Chewy from $33.00 to $31.00 in a report on Thursday, June 11th. Jefferies Financial Group reissued a “hold” rating and issued a $23.00 target price on shares of Chewy in a research report on Thursday, June 11th. Royal Bank Of Canada lowered their target price on Chewy from $47.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, June 11th. Finally, Barclays dropped their price target on Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.05.

Insider Buying and Selling

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $19.49, for a total value of $81,916.47. Following the completion of the transaction, the general counsel directly owned 4,103 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sumit Singh sold 83,306 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $25.60, for a total transaction of $2,132,633.60. Following the transaction, the chief executive officer directly owned 874,061 shares of the company’s stock, valued at approximately $22,375,961.60. This represents a 8.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 91,729 shares of company stock valued at $2,322,582 over the last 90 days. 0.34% of the stock is owned by company insiders.

Chewy Stock Up 5.2%

CHWY stock opened at $22.92 on Wednesday. The stock has a 50-day simple moving average of $20.35 and a two-hundred day simple moving average of $24.46. Chewy has a twelve month low of $17.40 and a twelve month high of $43.50. The firm has a market capitalization of $9.39 billion, a PE ratio of 38.21, a PEG ratio of 1.10 and a beta of 1.45.

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.