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CNN
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Shares of online pet supplies retailer Chewy surged on 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 presentation to the Stock Exchange who bought about 9 million shares of Chewy (BLOW), which represents a 6.6% stake in the company.
Chewy shares closed up 6.6% fell on Monday after rising as much as 10% earlier in the session.
Chewy shares began to rise last Thursday after Gill, the individual investor who helped trigger the frenzied trading around GameStop stock 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. The company’s stock rose more than 34% that day at its highs before closing 0.3% lower.
Meme stocks tend to move more on social media sentiment than fundamentals, and often see wild swings based on the buying and selling of influential traders like Gill.
Ryan Cohen, the founder of Chewy, is the CEO of GameStop, the ailing video game retailer that Gill is known for defending.
Gill revived the meme-share frenzy in May after breaking a three-year social media hiatus to post an X-rated cartoon. He then posted periodic screenshots of what appeared to be His E*Trade account shows a massive position in GameStop stock and options, sending the video game retailer's shares spiraling out of control. CNN has not independently verified the screenshots.
Last month, Gill revealed that he owns about 9 million shares of GameStop and has exited his massive options position.
In Monday’s filing, one question read, “Please check the appropriate box to indicate whether you are a cat.” Gill checked the box that said “I am not a cat,” a possible reference to his congressional testimony about the meme stock frenzy in 2021, when he told the House Financial Services Committee the same statement. That was a nod to a viral moment in a virtual Texas hearing room when a lawyer appeared on the Cat filter screen.
