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Stock of Chewy Soars After 'roaring Kitty' Shares 6.6% Stake

July 1, 2024
minute read

Shares of Chewy (CHWY) experienced a notable climb after the well-known retail trader "Roaring Kitty" announced a significant 6.6% stake in the online pet-products company.

The stock surged 20% to $32.72 in premarket trading, building on a 15% year-to-date increase as of the previous Friday's close.

Keith Gill, the trader behind the "Roaring Kitty" persona, revealed his stake through a regulatory filing, following a cryptic post featuring a cartoon dog on his social media account on X. This post sparked speculation that Gill, who had previously championed GameStop in 2021, leading to significant gains in its stock, was now supporting Chewy. GameStop's CEO, Ryan Cohen, originally founded Chewy.

Chewy's stock saw a rapid rise following Gill's post last Thursday, climbing from $29.15 to a midday high of $35.95 before falling back to around $29 by the market's close.

The SEC filing, dated June 24 and made public on Monday, indicated that Gill owns 9 million shares in Chewy. In a nod to his 2021 congressional testimony during the GameStop episode, Gill marked a box on the filing stating he is "not a cat."

Gill's return to social media in May with his first tweet in years triggered a rally in GameStop stock, reminiscent of the 2021 meme-stock surge that dramatically boosted the shares of several struggling companies.

As a prominent advocate for GameStop three years ago, Gill gained a large following on social media under various profile names, including "Roaring Kitty." His trading strategies, supported by Reddit communities, were depicted in the 2023 film "Dumb Money."

The 2021 rally also impacted other companies with declining pre-pandemic fortunes, such as AMC Entertainment Holdings and BlackBerry.

Chewy, which was among the meme stocks caught up in the 2021 surge, reached a peak of $118.68 in February of that year. However, the stock has since plummeted over 77%, closing at $27.24 last week. It hit an all-time low of $15.44 on May 10, just two days before Gill's first post on X in nearly three years.

Bryan Curtis
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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