In the latest trading session, Chewy (CHWY) closed at $68.66, marking a -1.05% move from the previous day. This change lagged the S&P 500's 1.32% gain on the day. Meanwhile, the Dow gained 0.68%, and the Nasdaq, a tech-heavy index, lost 0.15%.Coming into today, shares of the online pet store had lost 8.46% in the past month. In that same time, the Consumer Staples sector lost 0.71%, while the S&P 500 gained 3.61%.Wall Street will be looking for positivity from Chewy as it approaches its next earnings report date. This is expected to be December 9, 2021. The company is expected to report EPS of -$0.04, up 50% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $2.21 billion, up 24.16% from the year-ago period.CHWY's full-year Zacks Consensus Estimates are calling for earnings of $0.08 per share and revenue of $8.95 billion. These results would represent year-over-year changes of -11.11% and +25.21%, respectively.Investors might also notice recent changes to analyst estimates for Chewy. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Chewy currently has a Zacks Rank of #3 (Hold).Investors should also note Chewy's current valuation metrics, including its Forward P/E ratio of 913.03. For comparison, its industry has an average Forward P/E of 21.95, which means Chewy is trading at a premium to the group.The Consumer Products - Staples industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 224, which puts it in the bottom 12% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chewy (CHWY): Free Stock Analysis Report To read this article on Zacks.com click here.