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Keith Gill, a well-known stock trader known as Roaring Kitty on the social media platform X, has become the third largest individual investor in pet store Chewy. According to a 13G filing with the U.S. Securities and Exchange Commission (SEC) on June 24, Gill holds 9,001,000 shares of the pet products company's Class A common stock, accounting for 6.6% of the company's total share capital. In the filing, he also clarified that he is not a cat. The filing caused the crypto token CHEWY (CHWY) to surge by 497% in the past 24 hours, with a surge in trading volume of 1151% to $21.3 million.
Keith Gill came to public attention in 2021 for his involvement in the short attack on GameStop. He subsequently went offline for nearly 3 years and recently ended his leave. SEC filings show that he bought the shares at a closing price of $27.24 on June 28. This means that his holdings in Chewy are worth about $245 million. This is his first public investment outside of GameStop.
There is a connection between GameStop and Chewy through billionaire Ryan Cohen. In the past, Gill has praised Cohen, who founded the online pet store and sold it in 2017. The billionaire is now GameStop's CEO.
Gill's investment in Chewy has sparked concerns among company executives. The main concern is that asset managers who own shares in the company may exit their positions out of fear that Gill's involvement will trigger a roller-coaster ride in the stock, according to Reuters.
Gill’s disclosure caused Chewy stock (CHWY) to surge to an intraday high of $30 yesterday. However, the stock subsequently erased its gains, closing down $6.6% on July 1.
CHWY's recent price action is somewhat similar to the price action of GameStop stock after Gill reappeared online earlier this year. In just 24 hours of his return, GameStop stock surged from $17.46 per share to $48.75.
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