Envestnet Portfolio Solutions Inc. continues to expand its portfolio by acquiring new positions in various companies, including Chewy, Inc. (NYSE:CHWY) [4b79dcb9]. During the third quarter, Envestnet Portfolio Solutions Inc. purchased 14,298 shares of Chewy, Inc., valued at approximately $261,000 [4b79dcb9]. Other institutional investors, such as UniSuper Management Pty Ltd, Quarry LP, CWM LLC, Ossiam, and Captrust Financial Advisors, have also made changes to their positions in CHWY [4b79dcb9].
Chewy, Inc. is an e-commerce business that provides pet food, supplies, medications, and services through its retail website and mobile applications [4b79dcb9]. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02) [4b79dcb9]. However, analysts predict that Chewy, Inc. will post 0.01 earnings per share for the current fiscal year [4b79dcb9].
It is worth noting that major shareholder Argos Holdings Gp Llc and the CEO of Chewy, Inc. have recently sold a significant number of shares [4b79dcb9]. Chewy stock opened at $18.04 on Friday, with a market capitalization of $7.78 billion [4b79dcb9]. Analysts have given CHWY an average rating of 'Moderate Buy' and an average target price of $32.73 [4b79dcb9].
Mizuho initiated coverage on Chewy Inc. with a Neutral rating and a price target of $18.00 [15264b82]. The firm provided a cautious short-term outlook for the online pet retailer, projecting a 5% increase in revenue growth for fiscal year 2024 [15264b82]. Mizuho highlighted factors such as a decline in pet ownership, stagnant active customer numbers, and continued price disinflation as contributing to the conservative outlook [15264b82]. The firm believes Chewy's shares may not see significant movement until there is clear evidence of sustained growth and new customer acquisition [15264b82].
Investors should carefully consider the current stock prices and the recent insider activity when assessing the risks and potential returns of investing in Chewy, Inc. [4b79dcb9].
Chewy Inc. (NYSE:CHWY) stock is down 5.9% to trade at $27.41 after a $500 million share repurchase from BC Partners was announced [e0e104c5]. Foot Locker Inc (NYSE:FL) revealed an amendment to increase the size of its revolving credit facility to up to $750 million [e0e104c5]. Kohls Corp (NYSE:KSS) is experiencing a much more subdued pullback this afternoon, last seen 0.5% lower at $23.15 [e0e104c5].