GameStop Corp. (GME) shares experienced a pre-market surge of 5.16% on Tuesday, likely 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.

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. Traders and investors may view this move as a signal that Gill is once again focusing his attention on the video game retailer, which could potentially reignite the meme stock frenzy that propelled GameStop's shares to unprecedented heights in 2021.

While it remains to be seen whether Gill's exit from Chewy will have a lasting impact on GameStop's stock, the pre-market surge suggests that the market is reacting positively to the news. However, investors should exercise caution and conduct thorough research before making any investment decisions based on this development.