Chewy’s stock jumps 20% following Keith Gill’s disclosure of a 6.6% stake, sparking renewed interest in the pet products retailer.
Bollywood Fever: Shares of Chewy rose 20% on Monday after a filing revealed that Keith Gill, the influential stock investor known as “Roaring Kitty,” had acquired a 6.6% stake in the pet products retailer. The filing comes shortly after Gill, who played a pivotal role in the 2021 meme-stock rally, posted an uncaptioned picture of a puppy on the social media platform X.
Chewy’s shares had initially soared to a near one-year high following the Thursday post, but they later relinquished those gains. The recent filing lists Keith Gill as the reporting person and humorously includes a section titled “Check the appropriate box to designate whether you are a cat,” under which Gill checked “I am not a cat.”
Neither the U.S. Securities and Exchange Commission, Chewy, nor Gill were immediately available for comment.
Gill is renowned for disclosing his trading positions on platforms like YouTube and Reddit, where he is known as “DeepFuckingValue.” His posts have garnered a significant following among retail traders who often act based on his insights.
The impact of Gill’s investment was also felt by Chewy’s rival, Petco Health and Wellness Company, which saw its shares rise nearly 7% before the market opened.
Chewy, which specializes in selling pet food and medicine online, has experienced a 15% rise in shares so far in 2024, despite a decline over the previous three years as post-pandemic pet spending slowed. Analysts suggest that Gill’s interest in Chewy could be partially influenced by the fact that the pet retailer was founded by GameStop CEO Ryan Cohen.
GameStop had famously surged nearly 700% during the 2021 meme-stock rally, driven by Gill’s influential posts. Gill returned to Reddit on June 2 after a long hiatus, revealing a substantial GameStop stock and options position. Since his reappearance, GameStop shares have experienced significant volatility and have gained 40% so far this year.
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