Houston, Texas – Shares of Chewy Inc. experienced a surge of up to 29% in premarket trading following the disclosure by Keith Gill, also known as “Roaring Kitty,” of his 6.6% passive stake in the online pet food and product retailer. Gill revealed ownership of approximately 9 million Class A shares, valued at around $245 million based on the previous day’s closing price. This news comes after a recent boost in the stocks of Chewy and Petco Health and Wellness Co. following Gill’s posting of a cartoon image of a dog online.
Gill, who gained notoriety in 2021 for leading a group of retail traders in pushing up GameStop Corp.’s stock, made a return to social media earlier this year. This move ignited a period of volatility for GameStop and other meme stocks. Interestingly, both GameStop and Chewy share a common figure in Ryan Cohen, the co-founder of Chewy and current CEO of GameStop. The impact of Gill’s disclosure was felt in the premarket trading of GameStop as well, with shares dropping by as much as 5.7% on Monday.
The filing disclosed on Monday indicated June 24 as the date of the event and included a humorous nod to Gill’s online persona, Roaring Kitty. Within the document submitted to the SEC’s Edgar database, there was a section prompting the reporting person to humorously indicate whether they are a cat or not. This playful touch added a light-hearted element to the otherwise serious financial disclosure.
As news of Gill’s stake in Chewy Inc. continues to reverberate in the market, investors and analysts will be closely monitoring the impact on both Chewy and GameStop stocks. The interconnection between the two companies through Ryan Cohen adds an interesting layer to this development, potentially shaping the future trajectory of both stocks. The whimsical inclusion of the “cat” reference in the filing serves as a reminder that even in the world of high finance, there is room for a touch of humor.