:max_bytes(150000):strip_icc()/GettyImages-1231271129-3e88bab1e5974fb3926df05fa7e22469.jpg "Chewy Stock Tumbles Further Following Thursday’s ‘Roaring Kitty’ Spike")
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Key Takeaways
- Chewy shares sank after briefly soaring Thursday when a picture of a cartoon dog was posted on the social media site of meme stock hero “Roaring Kitty.”
- Shares of the pet supplies retailer, as well as those of rival Petco Health and Wellness, jumped as the post was interpreted as a sign he was pushing the stock.
- Roaring Kitty, whose name is Keith Gill, has been driving moves in meme stocks, especially GameStop, after he returned to social media following a three-year hiatus.
Chewy (CHWY) shares moved sharply lower Friday as some investors decided the meme stock hero known as “Roaring Kitty” wasn’t signaling interest in the pet supply retailer.
Shares of Chewy skyrocketed as much as 34% on Thursday after Roaring Kitty, whose real name is Keith Gill, posted a picture of a cartoon dog on his X account, a move that was initially interpreted as a sign he was pushing the stocks. As investors determined that might not be the case, the shares plunged.
Chewy’s shares were down about 8% in mid-afternoon trading Friday, Shares of rival Petco Health and Wellness (WOOF), which also gained after the Roaring Kitty post on Thursday, rose another 12% on Friday.
Roaring Kitty Drove Fresh Meme Stock Frenzy in May
Gill, one of the key drivers of the 2021 meme stock craze, has a knack for roiling the markets. After disappearing from social media for three years, he kicked off a fresh meme stock frenzy with a May post on X indicating that he was back in action.
A big beneficiary was GameStop (GME), which saw its shares soar. A month later, Gill posted what appeared to show a large position in the video game retailer, driving up shares again. Later, when he held a livestream event to discuss the stock, investors seemed unimpressed.