CHWY stock was down on Friday following news that Chewy (NYSE:CHWY) CEO Singh Sumit has sold some of his shares.
![CHWY Stock Dips 1% on Chewy CEO Stock Sale CHWY Stock Dips 1% on Chewy CEO Stock Sale](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
A recent SEC filing reveals that Sumit sold 125,000 Class A shares of CHWY stock on Dec. 31, 2019. The shares were sold for an average price of $28.465. That has the total value of the sale sitting at roughly $3.56 million.
Following the sales of the CHWY stock, Singh Sumit continues to hold 493,058 shares. He also still has 2,987,331 shares of restricted stock that will vest over time, as well as following certain share price conditions, reports Seeking Alpha.
This isn’t the only time in recent history that CEO Sumit has traded in some of his shares of CHWY stock. A transaction from Dec. 19, 2019, saw him sell 388,719 shares of CHWY stock for an average of $28.26 each. This has the total value of that transaction reaching about $10.99 million.
Chewy last reported earnings on Dec. 9, 2019. Mixed results of -20 cents per share and revenue of $1.23 billion for the quarter didn’t help the company and its stock ended up dipping lower that day. Despite this, the stock has been on an upward trend since then with steady growth.
CHWY stock fell as much as 3.48% in early trading on Friday. However, the stock has mostly recovered from this fall and is now only down about 1% compared to yesterday’s close of $29.58 per share.
As of this writing, William White did not hold a position in any of the aforementioned securities.