The shares of online pet food and products retailer Chewy went on a rollercoaster ride on Monday. Chewy’s stock surged more than 20% in premarket trading and was around 10% up early in the day before plunging 14% by the time the trading wrapped up.
The movement was prompted by stock influencer Keith Gill aka “Roaring Kitty”, who unveiled a 6.6% stake in the company in a SEC filing. Gill is known as one of the central figures of GameStop’s short squeeze.
Gill first hinted at his involvement in Chewy on June 27, when he posted a photo of a cartoon dog on X (former Twitter). The company’s shares went up 30% shortly after but ended up losing all of its gains and then some by the end of the day.
Gill currently owns 9.1 million shares in Chewy, which are worth around $251 million. That makes him the third-largest shareholder in the company, behind Baillie Gifford at 14.6% and Vanguard Group at 7.6%.
Gill’s motivation for investing in Chewy is unclear at the moment, but it is important to note that he is a big believer in the company’s founder Ryan Cohen, who currently serves as CEO of GameStop.
Following Monday’s ups and downs, Chewy’s shares closed at $25.44. The company’s stock is currently 11.28% up year-to-date.