GameStop Legend Roaring Kitty Acquires 6.6% Stake in Chewy, SEC Reports

GameStop Legend Roaring Kitty Acquires 6.6% Stake in Chewy, SEC Reports

Keith Gill, famously known as “Roaring Kitty” from the GameStop trading frenzy, has revealed a significant investment in Chewy, Inc., according to a recent filing with the United States Securities and Exchange Commission (SEC).

The SEC Schedule 13G filing, dated June 24, discloses that Gill holds a 6.6% stake in Chewy, amounting to 9,001,000 shares of the company’s Class A common stock. This stake, valued at $245.18 million based on Friday’s closing price of $27.24 per share, positions Gill as Chewy’s third-largest shareholder.

Chewy Shares Surge Following Gill’s Disclosure

Following the filing, Chewy’s stock experienced a significant surge in premarket trading on Monday, climbing more than 20% at its peak. Currently, the shares are up by over 11%, according to MarketWatch data. Chewy, an online retailer specializing in pet food and related products, has garnered increased investor interest as a result of Gill’s investment.

Notably, the SEC filing included a humorous section: “Check the appropriate box to designate whether you are a cat,” to which Gill responded with an “x” next to “I am not a cat.” This line references Gill’s statement during the 2021 congressional hearings on the GameStop trading mania.

Mixed Performance of Meme Stocks

In contrast to Chewy’s rise, several other meme stocks saw a decline on Monday. GameStop (GME), closely associated with Gill, fell over 7% during Monday’s trading session. Similarly, AMC Entertainment (AMC) experienced a 2.2% drop in pre-market trading.

Gill Faces Class-Action Lawsuit Amidst Investment Activities

Amid his investment activities, Gill is facing a class-action lawsuit filed on June 28 in the U.S. District Court for the Eastern District of New York. The lawsuit accuses him of engaging in a “pump and dump” scheme through his social media posts.

Last week, GameStop’s stock surged over 90% in premarket trading following a Reddit post by Gill, revealing a substantial $116 million bet on the gaming retailer. This marked Gill’s first Reddit appearance in three years, sparking speculation about his potential return to sharing trades online. His recent cryptic posts and memes on X further fueled this speculation.

The Roaring Kitty Phenomenon

In 2021, Gill, a financial analyst turned Reddit investor, became a central figure in the GameStop short squeeze. He argued that the video game retailer was undervalued, fueling a surge of retail investor interest through his posts on Reddit’s r/wallstreetbets. This activity sent GameStop’s stock price soaring by 1600%, significantly impacting hedge funds betting against it. Gill later testified before Congress, emphasizing his genuine belief in the value of GameStop as a passionate investor.

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