GameStop Icon Roaring Kitty Purchases 6.6% of Chewy Shares, SEC Reports

Meme trader Keith Gill, popularly known for his role in the GameStop trading frenzy, has disclosed owning a 6.6% stake in Chewy, according to a recent filing with the United States Securities and Exchange Commission (SEC).

The SEC Schedule 13G filing, dated June 24, reveals that Gill, an individual investor, holds 9,001,000 shares of Chewy’s Class A common stock.

The holdings, worth $245.18 million based on Friday’s closing price of 27.24, make Gill the company’s third-largest shareholder.

Chewy Shares Surge After Gill’s Filing

Shares of Chewy popped in premarket trading on Monday after the filing, which reached a high of more than 20% at one point.

As of now, the company’s shares are up by more than 11% in premarket trading, according to data from MarketWatch.

Chewy is an online retailer specializing in pet food and other pet-related products.

It is worth noting that the SEC filing included a section that read: “Check the appropriate box to designate whether you are a cat.” There was an “x” next to a response that read: “I am not a cat.”

The line was also included in Gill’s statement in a series of congressional hearings about 2021′s GameStop trading mania.

In contrast, several other meme stocks experienced a decline in value on Monday.

GameStop (GME), the meme stock closely associated with Gill, registered a decrease of over 7% during Monday’s trading session.

Similarly, AMC Entertainment (AMC) saw a pre-market decline of 2.2% prior to the market opening.

Gill is Facing Class-Action Lawsuit

Meanwhile, Gill is currently facing a class-action lawsuit related to his social media posts.

The lawsuit, filed on June 28 in the U.S. District Court for the Eastern District of New York, accuses Gill of engaging in a “pump and dump” scheme.

Last week, GameStop’s stock experienced a remarkable surge of over 90% during premarket after a Reddit post by Gill revealed a massive $116 million bet on the gaming retailer.

Gill’s post, which appeared on his Reddit account, marked his first appearance on the social media platform in three years.

The resurgence of Gill’s involvement fueled speculation about whether he would resume sharing his trades online after his three-year hiatus.

This is specifically true given the recent cryptic posts and memes shared by Gill on X.

pic.twitter.com/jQBMX4jwjR

— Roaring Kitty (@TheRoaringKitty) June 27, 2024

In 2021, Gill, a financial analyst turned Reddit investor known as “Roaring Kitty,” became a central figure in the GameStop short squeeze.

He claimed the video game retailer was undervalued.

The trader fueled a surge of retail investor interest in the stock via his posts on Reddit’s r/wallstreetbets. Ultimately, this sent the stock’s price soaring 1600% and squeezed hedge funds betting against it.

Gill later testified before Congress, reiterating his stance as a passionate investor who saw value in GameStop.