Roaring Kitty (also known as Keith Gill) now owns 6.6% of the American pet store Chewy, according to an SEC filing. This comes after the GameStop legend hinted about the company in a tweet.
Gill purchased 9,001,000 CHWY shares on Monday, June 24. Ironically, this amount of shares is the exact same amount he owns in GameStop shares, according to his most recent Reddit update.
This type of filing (13G) must be submitted within 10 days of a transaction that makes it so that an investor owns more than 5% of a security. However, it is important to note that the industry has seen investors spoof filings to pump the price of their favorite asset.
But traders appear to think the filing is legit. In pre-market trading, CHWY has already climbed 11% higher than its Friday closing price of $27.24. The day that Gill bought the 9 million shares, CHWY closed at $26.95.
Only Thursday last week, Roaring Kitty posted a cartoon dog on Twitter causing several pet-related stocks to jump in value. One of those stocks, Chewy, gained 33% in just 15 minutes. This is likely due to current GameStop CEO Ryan Cohen being the founder and former CEO of Chewy.
— Roaring Kitty (@TheRoaringKitty) June 27, 2024
It appears that Gill has also edited the document to add a checkbox that asks if he is a cat or not. It goes without saying that this is not standard for 13G SEC documents. But for what it’s worth, according to the SEC document, Gill is “not a cat.”
This comes soon after the investor was accused of securities fraud due to the influence his social media activity has had on the price of GameStop shares.
Roaring Kitty rose to popularity during the $20 billion GameStop short squeeze in 2021 which saw the video game retailer’s stock surge. It was eventually turned into a feature film and documentary.
He went dormant online and didn’t post for three years. But in early May, the GameStop trader began posting cryptic movie memes and set off another bull run for his favorite stock.
After Gill showed his holdings on Reddit, people began to speculate that he could become a GameStop billionaire during his hotly anticipated livestream. Unfortunately, the company revealed a disappointing Q1 report before he could get on stream. And he spent the live stream in front of a GME chart showing the company’s share price tumbling.
Since then, he’s been fairly inactive on social media. He’s shared the occasional meme on Twitter and a ‘YOLO update’ to Reddit. But with this SEC filing, it appears that Gill has made a significant move towards a stock that isn’t GameStop.
Edited by Stacy Elliott.