GameStop

Chewy

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<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> 
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<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

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