Brokers Set Expectations for Chewy, Inc.’s Q2 2023 Earnings (NYSE:CHWY)
Chewy, Inc. (NYSE:CHWY – Get Rating) – Analysts at Wedbush lifted their Q2 2023 EPS estimates for Chewy in a research report issued on Tuesday, June 21st. Wedbush analyst S. Basham now anticipates that the company will post earnings of ($0.10) per share for the quarter, up from their prior estimate of ($0.11). Wedbush has a “Outperform” rating and a $35.00 price objective on the stock. The consensus estimate for Chewy’s current full-year earnings is ($0.35) per share. Wedbush also issued estimates for Chewy’s 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. Chewy (NYSE:CHWY – Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.16. Chewy had a negative net margin of 1.02% and a negative return on equity of 175.48%. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the previous year, the firm posted $0.09 earnings per share. The business’s revenue was up 13.7% on a year-over-year basis.
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A number of other research analysts have also weighed in on the stock. Piper Sandler cut their price target on shares of Chewy from $45.00 to $29.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 1st. Wolfe Research lifted their price objective on shares of Chewy from $32.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, June 2nd. Robert W. Baird lowered their price objective on shares of Chewy from $60.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, June 2nd. Morgan Stanley lowered their price objective on shares of Chewy from $62.00 to $42.00 and set an “equal weight” rating on the stock in a report on Friday, June 3rd. Finally, Wells Fargo & Company lowered their target price on shares of Chewy from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, June 3rd. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.32.
Shares of CHWY opened at $32.62 on Thursday. Chewy has a twelve month low of $22.22 and a twelve month high of $97.74. The firm’s 50 day moving average price is $29.52 and its two-hundred day moving average price is $41.41.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. American Trust acquired a new position in Chewy during the first quarter worth about $533,000. Teachers Retirement System of The State of Kentucky raised its stake in Chewy by 11.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 440,067 shares of the company’s stock worth $17,945,000 after acquiring an additional 46,468 shares in the last quarter. Verition Fund Management LLC raised its stake in Chewy by 9.5% during the first quarter. Verition Fund Management LLC now owns 16,667 shares of the company’s stock worth $680,000 after acquiring an additional 1,446 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Chewy in the first quarter valued at approximately $427,000. Finally, Gabelli Funds LLC increased its stake in shares of Chewy by 17.0% in the first quarter. Gabelli Funds LLC now owns 9,650 shares of the company’s stock valued at $394,000 after buying an additional 1,400 shares during the period.
In other news, Director James A. Star acquired 36,127 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was acquired at an average price of $27.71 per share, with a total value of $1,001,079.17. Following the completion of the transaction, the director now directly owns 110,949 shares of the company’s stock, valued at approximately $3,074,396.79. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Susan Helfrick sold 37,261 shares of the company’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $27.18, for a total transaction of $1,012,753.98. Following the sale, the general counsel now directly owns 108,629 shares of the company’s stock, valued at approximately $2,952,536.22. The disclosure for this sale can be found here. In the last three months, insiders sold 351,369 shares of company stock valued at $9,550,209. 1.80% of the stock is currently owned by company insiders.
About Chewy (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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