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Chewy shares surge after ‘Roaring Kitty’ reveals 6.6% stake
Chewable broth (CHWY) rose more than 20% in premarket trading on Monday before paring gains after an SEC filing revealed that popular investor Keith Gill has a 6.6% stake in the company.
Shares were down about 5% in early trading Monday.
The July 1 filing showed that Gill, a popular stock trader known online by the name “Roaring Kitty,” owned 9.1 million shares of Chewy as of June 24.
This indicates that Gill owned the shares prior to a post on X, formerly known as Twitter, by Roaring Kitty. caused Chewy’s stock to soar up 30% on June 27. The account posted a cryptic photo of a dog at 1 p.m. ET, sending the stock soaring before eventually giving up gains and closing below the flat line.
Why Gill is interested in Chewy is largely unknown. Gill spoke enthusiastically about the current GameStop (GME) CEO Ryan Cohen, who is also the founder of Chewy, spoke during a livestream on June 7 but did not directly comment on the pet care provider. Notably, Cohen is no longer on Chewy’s executive board.
Gill’s filing also provided few clues. Outside of listing how many shares Gill owns, the 13-G filing provided one other detail. Gill included a box that asks you to check the appropriate box to find out whether or not the filer is a cat.
Gill checked the “I’m not a cat” box.
In Gill’s 13-G filing, he included a box to identify whether or not he is a cat. (Securities and Exchange Commission)
Last week’s tweet and Monday’s archive are the latest in a series of activities by Gill, who resurfaced online in May. Over the past month and a half, Gill has posted a series of memesrevealed a big bet in the initial stock of the GameStop meme (GME) via screenshots and hosted a YouTube livestream where he spoke positively about GameStop.
On Friday, June 28th, a class action lawsuit against Gill was filed, accusing Gill of misleading investors and potentially manipulating the market.
Despite big jumps in the stock amid Gill’s posts over the past month and a half, GameStop shares are up just 3% over the past month.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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