GameStop

Chewy

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">The stock market experienced unexpected turbulence Monday as Keith Gill, better known by his online persona “Roaring Kitty,” <a aria-label="disclosed a significant stake (opens in a new tab)" href="https://www.sec.gov/Archives/edgar/data/1766502/000110465924076457/tm2418581d1_sc13g.htm" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">disclosed a significant stake</a> in pet retailer Chewy Inc (NYSE: CHWY). This move comes amid a reignited interest in so-called “<a href="https://tokenist.com/investing/meme-stocks/" rel="dofollow" class="deco-link">meme stocks</a>” and their potential for sudden price movements and increased volatility. </p> 
<h3 id="key-player-in-gamestop-short-squeeze-acquires-6-6-of-chewy-becomes-third-largest-shareholder">Key Player in GameStop Short Squeeze Acquires 6.6% of Chewy, Becomes Third-Largest Shareholder</h3> 
<p>According to an SEC filing, Gill has acquired over 9 million shares of Chewy, amounting to a 6.6% stake in the company. This makes him the third-largest shareholder, with the stake valued at more than $245 million based on Friday’s closing price. <br><br>The filing also included a humorous touch, with Gill checking a box stating “I am not a cat,” a reference to his previous congressional testimony.</p> 
<p>Chewy’s stock initially rallied 9% on the news but quickly reversed course, falling into negative territory. As of 10:27 AM EDT, Chewy’s stock was trading at $25.85, down 5.10% for the day. <br><br>The company’s market capitalization stood at $11.25 billion, with a <a href="https://tokenist.com/investing/p-e-ratio/" rel="dofollow" class="deco-link">price-to-earnings ratio</a> of 143.37, indicating a potentially overvalued stock.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p> 
 </div> 
</div> 
<h3 id="gill-continues-to-back-ryan-cohen-influenced-firms">Gill Continues to Back Ryan Cohen-Influenced Firms</h3> 
<p>Gill’s investment in Chewy suggests a continued interest in companies associated with Ryan Cohen, the founder and former CEO of Chewy, who is now leading a turnaround effort at GameStop (NYSE: GME) as its CEO. This connection has not gone unnoticed by the market, with GameStop’s stock also experiencing volatility in the wake of the news.</p> 
<p>As of 10:26 AM EDT, GameStop’s stock was trading at $23.17, down 6.16% for the day. Despite the day’s losses, the company has seen a year-to-date return of 32.40%, outperforming <a href="https://tokenist.com/investing/spx-vs-spy/" rel="dofollow" class="deco-link">the S&amp;P 500</a>‘s 14.53% gain. However, with a price-to-earnings ratio of 308.62, concerns about overvaluation persist.</p> 
<p>Gill’s move from GameStop options to Chewy shares might indicate a shift in investment strategy, though it remains unclear if he sold his GameStop position to fund the Chewy purchase. </p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/gamestop-trader-keith-gill-announces-6-6-stake-in-chewy-shares-dip/">GameStop Trader Keith Gill Announces 6.6% Stake in Chewy, Shares Dip</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

GameStop Trader Keith Gill Announces 6.6% Stake in Chewy, Shares Dip

Table of Contents

Tokenist

Autres articles publiés le 1 juil. 2024

Crypto Market Surges While Immutable (IMX) and Injective (INJ) Stall, KangaMoon (KANG) Prepares T...

XRP eyes $5 breakout amid wins against the SEC

Roaring Kitty Buys 9M CHWY Shares Amid GameStop Lawsuit

Investors Rush to MoonBag’s Top Crypto Presale in 2024 as VeChain and Kangamoon Encounter Hurdles

Roaring Kitty Faces Securities Fraud Claims In A Class Action Suit Which Is Likely To Fail

Ethereum ETFs Attract Investor Interest

Join our free newsletter for daily crypto updates!