Chewy Stock Dips as Roaring Kitty Exits

Shares of Chewy experienced nearly a 2% decline during after-hours trading on Wednesday following news that famed meme stock investor Keith Gill, known as Roaring Kitty, divested his entire stake in the company. According to a filing with the Securities and Exchange Commission, Gill sold his 6.6% ownership in Chewy, leading to the company's shares falling to $26.19 each. They are currently trading at $26.64. The investor had previously acquired over 9 million shares, making him the third-largest shareholder.

Gill gained prominence in 2021 during the GameStop stock frenzy, when he influenced a wave of retail investors to purchase shares despite the company's dire condition. This effort led to a significant "short squeeze" that disrupted major Wall Street investors betting against GameStop. Gill's strategic moves have been closely watched since then, as he continues to impact market dynamics. The investor's track record with GameStop was largely based on his confidence in leadership, particularly in Ryan Cohen, who transformed Chewy into a successful enterprise before stepping down in 2018. (This story was generated by Newser's AI chatbot. Source: the AP)