![Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake](https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2089840952.jpg?c=16x9&q=w_800,c_fill)
Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake
CNN
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.
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. On Monday, Gill said in a Securities and Exchange filing that he purchased about 9 million Chewy shares (CHWY), amounting to a 6.6% stake in the company. Chewy shares slipped about 5% mid-morning on Monday after jumping as much as 10% earlier in the session. Chewy shares began gaining last Thursday after Gill, the individual investor who helped spark the frenzied trading around GameStop shares three years ago, posted a photo of a cartoon dog on his X account. The cartoon’s blue background appeared to be the same blue as Chewy’s logo. Shares of the company surged more than 34% that day at its highs before closing 0.3% lower. Meme stocks more typically move on social media sentiment than fundamentals, often posting huge swings based on the buying and selling of influential traders like Gill. Ryan Cohen, the founder of Chewy, is the chief executive of GameStop, the embattled video game retailer Gill is known for championing.