NEW YORK (AP) — Shares of Chewy fell Monday in volatile trading after a regulatory filing revealed that Roaring Kitty, an investor at the center of the meme stock craze, has taken a 6.6% stake in the online pet retailer.
Roaring Kitty, whose legal name is Keith Gill, bought more than 9 million shares of Chewy last week, the Securities and Exchange Commission filing shows. Based on Friday’s $29.05 closing price, that amounts to a value of over $261 million — making him the company’s third-largest shareholder.
Shares in Chewy jumped more than 20% before the opening bell. But they ended the day down almost 7%.
Chewy, based in Plantation, Florida, did not immediately respond to a request for comment.
Gill tipped his hand last week on his feelings about the company, posting a picture of a dog on social media platform X and sending Chewy’s stock up more than 30% in intraday trading.