Chewy stock rallies as SEC filing confirms Roaring Kitty stake

July 01, 2024 04:55 AM PDT | By Invezz

Chewy stock rallies as SEC filing confirms Roaring Kitty stake — Image source: Invezz

How many shares of Chewy does Roaring Kitty own?

Keith Gill (Roaring Kitty) now owns more than 9 million shares of Chewy Inc, as per the Securities and Exchange Commission filing on Monday.

His stake amounts to 6.6% in total which makes him the third-largest shareholder of the New York listed firm. CHWY has been volatile since last week after Roaring Kitty posted a picture of a dog on X.com.

Wall Street has a consensus “overweight” rating on Chewy stock that does not pay a dividend at writing. At over $31, however, it is already trading well above the analysts’ average price target. Watch here: https://www.youtube.com/embed/P3sJVWaKFwQ?feature=oembed

Chewy founder is currently the CEO of GameStop

Keith Gill now has a stake worth $245 million in total in Chewy stock (based on the stock’s closing price on Friday).

Stocks that he buys tend to attract retail traders because he was the one who inspired the unprecedented short squeeze in GameStop during the COVID pandemic.

Roaring Kitty returned to posting on social media last month after a years-long hiatus and first targeted GME again that is currently up well over 100% versus its YTD low.

It’s worth mentioning here that Ryan Cohen – the current chief executive of GameStop is a founder of Chewy Inc. It’s noteworthy since Keith Gill dubbed his position in GameStop a bet on Ryan Cohen in his most recent livestream on YouTube.

chewy stock rallies on roaring kitty stake

Chewy stock is significantly below its high in 2021

Chewy stock is still down massively from its pandemic high of about $118.

In May, the pet food and products retailer reported 15 cents of per-share earnings for its first financial quarter – up significantly from 5 cents a share a year ago.

Its net sales also popped 3.1% to $2.88 billion while gross margin improved 130 basis points to 29.7% in Q1. Sumit Singh – the chief executive of CHWY said at the time:

Fiscal year 2024 is off to a solid start. We delivered strong net sales as well as record-breaking adjusted EBITDA in Q1. Chewy’s value proposition continues to resonate with our customers.

Also in May, the New York listed firm announced a stock buyback programme of up to $50 million. Unlike Chewy shares, meme stock GME is in the red in premarket on Monday.

The post Chewy stock rallies as SEC filing confirms Roaring Kitty stake appeared first on Invezz

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