Keith Gill, also known as Roaring Kitty, has made a significant move by selling off his entire stake in pet products retailer Chewy. This decision was revealed in a filing with the Securities and Exchange Commission on Tuesday, causing Chewy’s shares to drop nearly 2% in extended trading.
Gill, a stock influencer known for his mysterious posts, often shares his trading positions on platforms like YouTube and Reddit. In July, he surprised many by disclosing a 6.6% stake in Chewy, an e-retailer specializing in pet food and medicine. This announcement came shortly after Gill posted a picture of a dog on his social media account.
While Gill did not provide an immediate response to a request for comment from Reuters, it is clear that his investment in Chewy marked a departure from his well-known position in video game retailer GameStop. Interestingly, there is a connection between Gill’s investments as Ryan Cohen, the billionaire founder of Chewy who sold the company in 2017, is now the CEO of GameStop. Gill has expressed admiration for Cohen in his social media posts in the past.
Formerly an office worker, Gill rose to fame for his cat memes and lively YouTube streams, where he often wore a distinctive red pirate bandana. His enthusiastic support for GameStop led to a surge in retail investments in the company, causing significant losses for hedge funds that had bet against the stock.
The decision to sell his stake in Chewy comes at a time when concerns were raised among the company’s leadership about the potential impact of Gill’s involvement on the stock’s volatility. Some asset managers, who are shareholders in Chewy, were reportedly wary of the influence of Gill’s army of individual investors on the stock price.
Roaring Kitty’s social media posts have previously driven GameStop shares to new heights in 2021, attracting a wave of retail investment and earning him a dedicated following among certain investors. His latest move to divest from Chewy will undoubtedly be closely watched by the investment community as they speculate on his next strategic move.
