Chewy stocks join meme stock frenzy as prominent trader ‘Roaring Kitty’ reveals investment

The stock price of online pet retailer Chewy experienced significant volatility on Monday after internet investor Keith Gill revealed he had purchased a significant stake in the company. Chewy shares initially jumped 11% but then quickly declined, ultimately trading down 3% early Monday. Gill, also known as “Roaring Kitty,” had foreshadowed his investment in Chewy with a simple dog emoji post on X. An SEC filing showed Gill had purchased shares worth approximately $245 million, representing 6.6% of the entire company at the Friday closing price. Gill shot to fame in 2020 as a leader of the meme stock movement, attempting to turn around companies like GameStop and AMC with mixed success. He now faces a lawsuit alleging his recent trades in GameStop were a “pump and dump” scheme. GameStop shares remain higher than before Gill’s post but have declined from their peak by about 50%. The company is now run by Ryan Cohen, who also co-founded Chewy and helped fuel the meme stock wave in 2020. The Massachusetts secretary of state is investigating Gill’s GameStop trades. Cohen is no longer involved with Chewy, and it is unclear if there is any relationship between him and Gill. An attorney for Cohen did not immediately respond to a request for comment, and Gill did not respond to a request for comment on the investigation.

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