GameStop Corp. (GME) shares surged by nearly 8% on Tuesday, fueled by the news that Keith Gill, also known as "Roaring Kitty," sold his entire stake in online pet retailer Chewy Inc. (CHWY).
Gill, who gained notoriety for his influential role in the historic 2021 meme stock craze that sent GameStop's shares skyrocketing, disclosed in an SEC filing that he held a 0% stake in Chewy as of September 30, 2024. Chewy's shares fell around 2% following the news, while GameStop's stock climbed approximately 6% in pre-market trading and continued to rally, closing the day up 7.96%.
The trader had recently taken a 6.6% stake in Chewy, sparking speculation that he might be shifting focus away from GameStop, which shares a connection with Chewy through Ryan Cohen. Cohen is the CEO of GameStop and the founder of Chewy. However, Gill's decision to exit the pet retailer completely appears to have reignited investor interest in GameStop, with traders and investors viewing this move as a signal that Gill is once again focusing his attention on the video game retailer.
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