The stock of Chewy, Inc. (NYSE:CHWY) is now priced at $61.07 and the shares are 1.34 points up or 2.24% higher compared to its previous closing price of $59.73. The stock had 3.503 million contracts set over the past session. CHWY shares’ daily volume is compared to its average trading volume at 3.949 million shares. However, it has a float of 60.19 million and although its performance was 7.03% over the week, it’s one to watch. Analysts have given the CHWY stock a yearly average price target of $52.7 per share. It means the stock’s downside potential is -13.71% with the CHWY share price recently placing at $58.8 to $61.84. However, some brokerage firms have priced the stock below the average, including one that has called $45.
The shorts are running away from the Chewy, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CHWY shares have declined. Short interest in the stock represents just 26.38% of its float, but the volume has dropped by 0.
In the last trading session, Chewy, Inc. (NYSE:CHWY) raised by $4.01 over the week and gained $4.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $61.84. The stock recorded its established 52-week high on 08/31/20.
Since 03/12/20, the stock has traded to a low of $20.62 at 196.17%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Chewy, Inc.’s two-week RSI is 66.61. This suggests that the stock is neutral at the moment and that CHWY shares’ price movement remains stable. The stochastic readings are equally revealing at 84.63% meaning the CHWY share price is currently in oversold territory.
The technical chart shows that the CHWY stock will likely settle at between $62.34 and $63.61 per share. However, if the stock dips below $59.3, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $57.53.
Currently, the stock is trading in the green of MACD, with a reading of 1.44. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wells Fargo though raised target price of CHWY stock from $60 to $70 but maintained Overweight recommendation in their August 28 review. Cleveland Research analysts see the stock as a Buy with a target price of $60 in a flash note released to investors on July 15 initiating covering the stock. Morgan Stanley analysts see the stock as Equal-Weight. Nonetheless, the analysts revised the share prices up on June 22, placing it at $45 from $41.
The average rating for the CHWY equity is 2.14 and is currently gathering a bullish momentum. Of 15 analysts tracking Chewy, Inc. polled by Reuters, 5 rated CHWY as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 69.7. Chewy, Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 15.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Chewy, Inc. (NYSE:CHWY) will increase by about 1.79%, which will see them reach $1650 million. The company’s full-year revenues are, however, expected to increase by about 38.56%, up from $4850 million to $6720 million. CHWY’s expected adjusted earnings should drop almost -23.81% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -25.4% to record -$0.47/share.