Shares of online pet retailer Chewy were volatile Monday after a SEC filing disclosed that meme stock trader Keith Gill, who goes by 'Roaring Kitty,' purchased over 9 million shares.
Chewy shares were volatile on Monday after famed meme stock trader "Roaring Kitty," also known as Keith Gill, bought a 6.6% stake in the company. Gill bought just over 9 million shares of the online pet retail site founded by GameStop CEO Ryan Cohen, according to a filing with the U.S. Securities and Exchange Commission. The stake is valued at over $230 million. Cohen sold Chewy to the owners of PetSmart in 2017 for $3.35 billion.
GAMESTOP SHARES SURGE AFTER 'ROARING KITTY' POST However, in May, Gill returned to social media after a three-year hiatus with a post depicting what appeared to be a gamer sitting on a chair. He then followed up with a livestream that attracted nearly 600,000 in which he endorsed Cohen and his team. His attention to the shares sparked a buying frenzy in GameStop by Reddit users and other retail investors despite no concrete news.
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