Chewy Stock Fluctuates as 'Roaring Kitty' Reveals 6.6% Stake: What Investors Need to Know

Money | July 1, 2024, 10:14 a.m.

Chewy stock experienced a significant surge of over 20% in pre-market trading on Monday, following the disclosure in an SEC filing that popular investor Keith Gill, known as "Roaring Kitty," holds a 6.6% stake in the company. Despite initial gains, shares dipped 5% in early trading. Gill's ownership of 9.1 million Chewy shares predates a post by "Roaring Kitty" that boosted the stock by 30% on June 27. While Gill has expressed admiration for GameStop CEO Ryan Cohen, who founded Chewy, his specific interest in the petcare provider remains unclear. Notably, Gill's filing humorously identified his non-feline status. Gill's recent online activity, including memes and disclosures of significant investments, has drawn attention, culminating in a class action lawsuit alleging market manipulation. Despite volatile stock movements, GameStop shares have seen only modest gains.