Sumit Singh, the Chief Executive Officer of Chewy, Inc. (NYSE:CHWY), sold a significant portion of his holdings in the company. According to a recent SEC filing, Singh sold 63,187 shares of Chewy's Class A common stock on January 6, 2025. The shares were sold at an average price of $37.622, resulting in a total transaction value of approximately $2.38 million. The sale comes amid Chewy's strong market performance, with the stock delivering a 73% return over the past year according to InvestingPro data.
Following this sale, Singh retains ownership of 643,939 shares directly. Additionally, there are several other holdings attributed to him and his spouse, with varying amounts of shares held under different vesting conditions and ownership types. These transactions were part of a pre-established trading plan adopted in September 2024. Currently trading at a P/E ratio of 38x, InvestingPro analysis indicates the stock is fairly valued, with management actively buying back shares. For deeper insights into Chewy's valuation and insider trading patterns, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Chewy Inc (NYSE:CHWY). has seen significant upgrades by Mizuho (NYSE:MFG) Securities and Wolfe Research, both shifting their ratings to Outperform and highlighting the company as a top pick. These upgrades are based on the company's potential for revenue and margin growth, with Mizuho also mentioning Chewy's robust cash generation. In addition, Chewy's principal shareholder, Buddy Chester Sub LLC, has initiated a public offering of $500 million worth of the company's Class A common stock, and Chewy has agreed to repurchase $50 million of its Class A common stock from the selling shareholder. RBC Capital and TD Cowen have maintained positive ratings on Chewy's stock, citing favorable trends in the pet industry and strong third-quarter earnings. Chewy's third-quarter revenue was reported at $2.88 billion, slightly exceeding the consensus of $2.86 billion. These are recent developments in the company's ongoing strategy to sustain growth and operational efficiency.
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