On Thursday, Keith Gill, also known as “Roaring Kitty,” shared a post on his X account that triggered a surge in the value of Petco and Chewy stocks. The prices of Chewy increased by up to 28%, while Petco saw a spike of up to 13%. However, both stocks began to decrease as the market approached closing time.
The brief rally in petcare company stocks happened around 1:00 p.m., when Gill posted a picture of a dog on his social media account. At its peak, Chewy traded at $35.75 per share before retracting the gain, and Petco briefly reached $3.66 per share before decreasing.
Keith Gill has been known for his influence on the market, particularly with GameStop shares, which surged 74% after he shared a picture related to the company earlier this year. His subsequent posts revealed his ownership of 5 million shares, which he then increased to 9 million shares. Despite a recent decline in GameStop shares, there was still a 3% increase on Thursday due to Gill’s influence on the market.
Overall, the sudden surge in petcare stock prices is likely due to the popularity of these companies among investors and their ability to provide stable returns even during tough economic times. Additionally, the rise in online pet shopping has further boosted their profits.
It will be interesting to see if this trend continues in future weeks or months as more investors become aware of these companies’ potential for growth and profitability.
