Skip to content

Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake | CNN Business

Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake | CNN Business
Shares of online pet products retailer Chewy went on a wild ride Monday after Keith Gill, the influential meme stock trader also known as ”Roaring Kitty,” revealed a large stake in the company.

Table of Contents

Influential meme stock trader Keith Gill, also known as "Roaring Kitty," revealed a large stake in online pet products retailer Chewy, causing a wild ride for the company's shares on Monday. Gill disclosed in a Securities and Exchange filing that he purchased about 9 million Chewy shares, amounting to a 6.6% stake in the company. Chewy shares began gaining last Thursday after Gill posted a photo of a cartoon dog on his X account, sparking a surge of more than 34% before closing 0.3% lower. Meme stocks like Chewy and GameStop often move based on social media sentiment and the influence of traders like Gill. Ryan Cohen, the founder of Chewy, is also the chief executive of GameStop, the embattled video game retailer Gill has championed. The filing also included a humorous nod to Gill's Congressional testimony about the meme stock frenzy in 2021, when he stated, "I am not a cat," referencing a viral moment in a virtual Texas courtroom.

Source

Latest