Chewy shares take the meme stock ride as 'Roaring Kitty' trader reveals stake
The stock price of online pet retailer Chewy went for a ride on Monday after one of the internet's most-followed investors revealed that he had bought up shares in the company.
The stock price of online pet retailer Chewy went for a ride on Monday after one of the internet's most-followed investors revealed that he had bought up shares in the company.
Chewy shares initially jumped 11% but have since turned negative, trading down 6% midday Monday.
The turbulence comes after Keith Gill, the leader of the “meme stock” movement who is better known online by the handle “Roaring Kitty,” revealed he had taken a significant stake in the company.
Gill had foreshadowed the Chewy holdings in a post on X last week that was simply a dog emoji.
Chewy shares — as well as other stocks in the pet trade — rallied immediately after the post Thursday.
Rating: 5