Smart Money Is Betting Big In CHWY Options
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors are showing a bearish sentiment towards Chewy (NYSE:CHWY), with a significant move in options trading. Benzinga's tracking revealed 8 extraordinary options activities, with a bearish majority of 87%. The price target based on this activity ranges from $15.0 to $25.0. Chewy, a leading e-commerce pet care retailer, reported $11.2 billion in 2023 sales. The stock is currently up 4.48% at $18.18, with analysts giving mixed reviews and target prices ranging from $16 to $25.
April 11, 2024 | 5:02 pm
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Chewy sees bearish options activity with a price target range of $15-$25, amidst mixed analyst ratings and a recent stock price increase to $18.18.
The bearish sentiment from options traders, despite Chewy's recent stock price increase, suggests market players anticipate potential downside. This sentiment, combined with mixed analyst ratings, could lead to increased volatility or a short-term price decline. The significant options activity, particularly the bearish outlook, indicates a strong market expectation that Chewy's stock might not sustain its current upward trajectory.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100