Shares of online pet retailer Chewy (NYSE:CHWY) surged more than 11% in pre-market today after stock influencer Keith Gill disclosed a 6.6% stake in the company.
This disclosure, filed with the U.S. Securities and Exchange Commission, follows a cryptic social media post by Gill, featuring a picture of a dog, which caused Chewy’s shares to spike to nearly a one-year high last Thursday.
Gill, known as “Roaring Kitty,” gained prominence during the 2021 meme-stock frenzy. He recently made headlines after posting a screenshot on Reddit, showing his significant holdings in GameStop stock and options. Interestingly, GameStop CEO and Chairman Ryan Cohen is also the founder of Chewy. There has been speculation that Cohen might use GameStop’s newfound wealth from the Roaring Kitty-driven stock surge to acquire a stake in or potentially all of Chewy.
With Chewy’s stock rise, the company, which is 70% owned by BC Partners, now boasts a market cap exceeding $13 billion. BC Partners declined to comment on Gill’s stake in Chewy, and the company has not yet responded to a request for comment.