Finance

Tough Stocks Soar After ‘Roaring Kitty’ Posts Cryptic Photo of Dog on X

Published

3 days ago

June 27, 2024

Tough Stocks Soar After 'Roaring Kitty' Posts Cryptic Photo of Dog on X

Shares of Chewy (CHWY) rose as much as 30% on Thursday after the X account linked to investor Keith Gill, also known as “Roaring Kitty,” posted a photo of a dog.

Posts on Gill’s account have sent shares of GameStop (GME) soaring over the past month.

While that meme trade has been largely quiet over the past week, the account’s tweet at 1 p.m. ET sent Chewy’s stock skyrocketing. However, the stock quickly gave up its gains, rising just 2% more than an hour after the initial tweet.

Gill recently spoke highly of GameStop CEO Ryan Cohen, who is also the founder of Chewy, during a YouTube livestream.

Gill explained that his large position in GameStop was a “bet on management.”

“Specifically, of course, Ryan fucks Cohen. Ryan Cohen and his crew,” Gill said. “That’s what people should be focusing on,” Gill said.

Other pet stocks also took a hit after the tweet, with shares of both Petco (WOOF) and PetMed Express (PETS) rising in afternoon trading.

Notably, GameStop, which had previously soared higher following Keith Gill’s re-emergence, rose just 5% on the day, with little changing after the tweet. The resurgence of the meme frenzy started last month, when GameStop soared 180% in two days after Keith Gill posted on X, formerly Twitter, for the first time since 2021. But shares have since fallen as GameStop revealed a decline in industry sales. most recent quarter and issued more shares.