Keith Gill, a meme trader who gained fame during the GameStop trading frenzy, has revealed that he owns 6.6% of Chewy, according to a recent filing with the United States Securities and Exchange Commission (SEC).
The SEC Schedule 13G filing, dated June 24, shows that Gill, an individual investor, has 9,001,000 shares of Chewy’s Class A common stock. Based on Friday’s closing price of $27.24, this amounts to holdings worth $245.18 million, making Gill the third-largest shareholder in the company.
Following the filing, Chewy’s shares surged in premarket trading on Monday, reaching a high of over 20% at one point. Currently, the company’s shares are up by more than 11% in premarket trading, as per data from MarketWatch.
Chewy is an online retailer specializing in pet food and other pet-related products. Notably, the SEC filing included a section that asked whether the filer is a cat, to which Gill responded by checking the box that read: “I am not a cat.” This line was also included in Gill’s statement during a series of congressional hearings about the 2021 GameStop trading mania.
Meanwhile, other meme stocks, including GameStop (GME) and AMC Entertainment (AMC), experienced a decline in value on Monday. GameStop saw a decrease of over 7% during Monday’s trading session, while AMC saw a pre-market decline of 2.2% prior to the market opening.
Gill is currently facing a class-action lawsuit related to his social media posts. The lawsuit, filed on June 28 in the U.S. District Court for the Eastern District of New York, accuses Gill of engaging in a “pump and dump” scheme.
Last week, GameStop’s stock experienced a remarkable surge of over 90% during premarket after a Reddit post by Gill revealed a massive $116 million bet on the gaming retailer. This post marked Gill’s first appearance on the social media platform in three years, sparking speculation about whether he would resume sharing his trades online after his three-year hiatus, especially given the recent cryptic posts and memes shared by Gill.
In 2021, Gill, a financial analyst turned Reddit investor known as “Roaring Kitty,” played a central role in the GameStop short squeeze, claiming the video game retailer was undervalued. His posts on Reddit’s r/wallstreetbets fueled a surge of retail investor interest in the stock, ultimately causing its price to soar 1600% and squeeze hedge funds betting against it. Gill later testified before Congress, reiterating his stance as a passionate investor who saw value in GameStop.
