Keith Gill, also known as Roaring Kitty, now owns 6.6% of US pet store Chewy, according to file by the SEC. This comes after the legendary GameStop short squeeze hinted at the company in a tweet.
Gill bought 9,001,000 shares of CHWY on Monday, June 24. Ironically, that’s the same amount of shares he owns in GameStop stock, according to updates Most recent Reddit.
This type of 13G filing must be filed within 10 days of a transaction that marks an investor’s ownership of more than 5% of the shares. However, it is important to note that the industry has seen investors file misleading statements about their ownership positions or intentions to manipulate the price of a stock.
But traders seem to think the filing is legitimate. In premarket trading, CHWY was up 11% from Friday’s closing price of $27.24. CHWY closed at $26.95 on the day Gill bought 9 million shares.
Source: Yahoo Finance
Last Thursday, Roaring Kitty tweeted a cartoon dog that sent several pet-related stocks soaring in value. One of those stocks, Chewy, jumped 33% in just 15 minutes. That may be because current GameStop CEO Ryan Cohen is the founder and former CEO of Chewy.
This comes shortly after the investor was accused of securities fraud due to his social media activity influencing GameStop’s stock price.
Roaring Kitty rose to fame during the $20 billion GameStop short squeeze in 2021, which saw the video game retailer’s stock skyrocket.
He went offline and didn’t post for three years. But in early May, the GameStop trader started posting mysterious movie memes, sparking another rally in his favorite stock.
After Gill showed off his stock on Reddit, people began speculating that he could become a GameStop billionaire during his highly anticipated livestream. Unfortunately, the company released disappointing Q1 results before the livestream.
Since then, he’s been relatively inactive on social media, sharing the occasional meme on Twitter and ‘YOLO updates’ on Reddit. But with this SEC filing, it appears Gill has made a significant move toward a stock other than GameStop.
Itadori
According to Decrypt
