Chewy (NYSE:CHWY) stock is up on Monday after a filing with the Securities and Exchange Commission (SEC) revealed a stake from Roaring Kitty.
Roaring Kitty, real name Keith Gill, now holds a 6.6% passive stake in CHWY stock. This comes from the more than 9 million shares of Chewy stock that he purchased. The total value of this investment comes to about $245 million.
Roaring Kitty is the investor that helped kick off the GameStop (NYSE:GME) meme stock rally a few years ago. He remained quiet online since then before reappearing earlier this year to praise GME stock again.
Now, Gill is expanding his influence to Chewy. This makes sense, considering that Chewy co-founder Ryan Cohen is also acting as the CEO of GameStop. This appears to show that Roaring Kitty is betting on Cohen’s abilities.
CHWY Stock Movement on Monday
With the news of Gill’s investment in CHWY stock comes strong trading of the shares this morning. That has more than 5.5 million shares changing hands during pre-market hours. For the record, this is about half of the company’s daily average trading volume.
CHWY stock is up 11.8% as of Monday morning. The stock is also up 21.9% since the start of the year.
Investors on the lookout for all of the latest stock market stories will want to stick around!
We have all of the hottest stock market news that traders need to know about on Monday! Among that is what has shares of Loop Media (NYSEMKT:LPTV) stock up, the biggest pre-market stock movers and more. All of that news is ready at the links below!
More Stock Market News for Monday
- Why Is Loop Media (LPTV) Stock Up 69% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- Truist Just Raised Its Price Target on Nvidia (NVDA) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
