The meme stock market is buzzing once again as Keith Gill, better known as ‘Roaring Kitty,’ has sold his entire stake in Chewy, sending the online pet retailer’s shares tumbling in after-hours trading. The news, confirmed by a 13G filing with the SEC, revealed that Gill had a 0% stake in Chewy as of September 30th, prompting a 2% drop in the company’s stock price.
Gill’s influence in the meme stock frenzy of 2021, particularly with his significant role in the GameStop saga, has made his every move a hot topic. The trader, who returned to social media earlier this year after a three-year hiatus, has been actively sharing position updates on platforms like Reddit and X, even hosting a livestream during market hours on his YouTube channel. These actions, coupled with his recent cryptic posts, have sparked renewed volatility in several stocks favored by retail investors, including Chewy and GameStop.
Interestingly, Chewy and GameStop share a common thread in Ryan Cohen, who is the CEO of GameStop and the founder of Chewy. Gill’s activities surrounding Chewy began with a June post on X featuring a dog image, prompting speculation that he might be turning his attention to the pet retailer. Shortly after, he disclosed a 6.6% stake in Chewy. However, a subsequent post on September 6th, depicting the same dog image discarded like a toy in the ‘Toy Story’ film, fueled speculation about his potential exit from Chewy. The recent filing has now confirmed this speculation.
Chewy was Gill’s only publicly known investment outside of GameStop. His last public position update was in June when he shared a screenshot on Reddit displaying his holding of approximately nine million shares of GameStop.
While Chewy’s shares closed down 0.37% at $26.69 on Tuesday, they fell another 2.21% to $26.10 in after-hours trading. This development adds another layer of intrigue to the ever-evolving world of meme stocks, raising questions about what Gill’s next move might be and how his influence will continue to shape the market.
