Honeycomb Asset Management LP Purchases New Position in Chewy $CHWY

Honeycomb Asset Management LP purchased a new position in Chewy (NYSE:CHWY) in the first quarter, Holdings Channel reports. The fund purchased 175,000 shares of the company’s stock, valued at approximately $4,725,000. Chewy accounts for 24.3% of Honeycomb Asset Management LP’s holdings, making the stock its 2nd biggest holding.

A number of other hedge funds also recently bought and sold shares of the business. Osterweis Capital Management Inc. purchased a new stake in shares of Chewy in the second quarter valued at approximately $30,000. CoreCap Advisors LLC lifted its position in shares of Chewy by 306.2% during the 4th quarter. CoreCap Advisors LLC now owns 845 shares of the company’s stock valued at $28,000 after buying an additional 637 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Chewy during the 4th quarter valued at approximately $31,000. Harbour Investments Inc. lifted its position in shares of Chewy by 81.4% during the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company’s stock valued at $30,000 after buying an additional 407 shares in the last quarter. Finally, Modus Advisors LLC acquired a new stake in Chewy in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Insider Activity

In related news, CEO Sumit Singh sold 83,306 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Also, General Counsel Da-Wai Hu sold 4,203 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.49, for a total transaction of $81,916.47. Following the completion of the transaction, the general counsel directly owned 4,103 shares in the company, valued at $79,967.47. This trade represents a 50.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 91,729 shares of company stock worth $2,322,582. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CHWY. Citizens Jmp cut their price target on shares of Chewy from $45.00 to $28.00 and set a “market outperform” rating for the company in a report on Thursday, June 11th. Barclays decreased their price objective on shares of Chewy from $40.00 to $36.00 and set an “overweight” rating on the stock in a report on Thursday, June 11th. TD Cowen reissued a “buy” rating on shares of Chewy in a research note on Tuesday, June 23rd. Wolfe Research reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Chewy in a research note on Thursday, June 11th. Finally, Wall Street Zen cut Chewy from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.05.

Chewy Stock Down 1.0%

Chewy stock opened at $22.59 on Friday. Chewy has a 52-week low of $17.40 and a 52-week high of $43.50. The firm has a market capitalization of $9.25 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 1.14 and a beta of 1.45. The company has a fifty day simple moving average of $20.50 and a 200-day simple moving average of $24.33.

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.