On Thursday, Chewy and Petco stocks experienced a surge in price, with Chewy’s stocks rising as much as 28% and Petco’s briefly surging 13%. This sudden increase was caused by a social media post from meme trader Keith Gill, also known as “Roaring Kitty.” The post featured a photo of a dog on his X account. As the market approached closing, the gains in both stocks were partially pared down.
Keith Gill’s influence on stock prices has been well-documented, previously leading to a 74% surge in GameStop shares. Since then, he has increased his stake in GameStop to 9 million shares, making him one of the top shareholders. Despite recent fluctuations in GameStop shares, which have dropped 47% since early June, they saw a 3% increase on Thursday. This shows that Gill’s social media activity continues to have an impact on stock prices.
Investors closely follow Gill’s posts for potential investment opportunities, and his latest post about these two companies seems to have sparked excitement among traders. It is worth noting that while the surge in stock prices may be short-lived, it serves as a reminder of the power that social media can have on financial markets.
