The cluster is dominated by large sellers (Assenagon, Wealth Enhancement) reducing multi-million-dollar stakes, while only small buyers doubled modest positions. Without insider buying corroboration, the selling signal carries more weight. Monitor for further 13F filings next quarter to see if the selling trend continues or reverses.
Executive Summary
Institutional activity in CHWY during Q2 2026 shows a mixed conviction cluster: two small asset managers doubled their positions (adding $1.5M), but four larger sellers reduced holdings by a combined $54.3M, led by Assenagon Asset Management's near-exit of $45.7M. The net selling pressure is dominant in dollar terms, but the buyers' doubling signals selective conviction at lower prices.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$51.8M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Gateway Investment Advisers | DOUBLED | +186.5% | $807.0K | $420.0K |
| Police & Firemen's Retirement System Of New | DOUBLED | +200.5% | $2.1M | $1.1M |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -76.9% | $55.0M | -$45.7M |
| Wealth Enhancement Advisory Services | NEAR_EXIT | -83% | $9.1M | -$7.8M |
| Farther Finance Advisors | TRIM | -45.5% | $356.0K | -$213.2K |
| Merit Financial Group | TRIM | -59.2% | $811.0K | -$570.1K |
Key Facts
- 2 institutional buyers doubled positions, adding $1.5M in new holdings
- 4 institutional sellers reduced by $54.3M, with Assenagon exiting 76.9% of its $55M stake
- Net institutional conviction is mixed — small buyers vs. large sellers
- No insider open-market buying to corroborate the institutional cluster
Financial Impact
Aggregate institutional buying of $2.9M vs. selling of $54.3M, net outflow of ~$51.8M
Risk Factors
- 13F data has a 45-day reporting lag — positions may have already been unwound
- Selling by large holders could indicate deteriorating fundamentals not yet priced
- Low conviction from buyers (small dollar amounts) limits bullish read-through
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-CHWY-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | S-3ASR | $21.35 $19.50 | ▼ −8.67% | ▼ −10.93% | — |
Sep 9, 2026 6w ago | 8-K | $20.75 $18.22 | ▼ −12.19% | ▼ −14.39% | — |
Jul 24, 2026 13w ago | Institutional Cluster | $20.86 $24.02 | ▲ +15.15% | ▲ +11.52% | — |
Jun 24, 2026 17w ago | 8-K | $18.14 $20.46 | ▲ +12.79% | ▲ +12.26% | — |
Apr 28, 2026 25w ago | 8-K | $25.96 $21.38 | ▼ −17.64% | ▼ −23.69% | — |
Apr 8, 2026 28w ago | 8-K | $26.46 $24.54 | ▼ −7.26% | ▼ −15.80% | — |
Feb 24, 2026 34w ago | 8-K | $25.48 $23.45 | ▼ −7.97% | ▼ −2.98% | — |
US Market Status
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