Shares in Chewy Inc (NYSE:CHWY) leapt in early trade on Monday after the meme stock investor Keith Gill, known as Roaring Kitty, disclosed a large stake.
After Gill's 6.6% stake in the pet products retailer was revealed, the shares scampered around 20% higher in premarket trading, which turned into a 10% gain to $30 after the opening bell.
Half an hour later, the shares had scurried back into the red, down over 3% to $26.2.
Chewy, was founded by Ryan Cohen who is currently CEO of GameStop.
Three years after his emergence as one of the leading 'meme stocks' traders in 2021, Gill's reappearance on social media in May reignited interest in retailer GameStop.
Gill’s filing showed he owned 9,001,000 shares, a symbolic number for meme-stock followers as this was the same as the initial stake in GameStop that Cohen held in late 2020 and that Gill also held last month when he updated his Reddit (NYSE:RDDT) account to show he had become the gaming retailer's fourth-largest shareholder.