Several pet-related stocks experienced significant upward movement on Thursday after Keith Gill, known as Roaring Kitty, posted a cartoon image of a dog on X, formerly known as Twitter.
What's Happening: Gill's tweet featured a simple cartoon image of a dog, yet it was enough to send shares of several companies soaring. Among the notable movers were Chewy, Inc. (NYSE:CHWY), which saw its stock jump by around 10%, PetMed Express, Inc. (NASDAQ:PETS) around 4% and Petco Health and Wellness Company, Inc. (NASDAQ:WOOF), also up 4%.
What Else: Keith Gill, under the pseudonym Roaring Kitty, gained fame for his early and bullish stance on GameStop, which he shared on platforms like Reddit and YouTube. His analysis and enthusiasm helped catalyze a massive short squeeze in early 2021, leading to astronomical gains for GameStop Corp. (NYSE:GME) and bringing attention to the power of retail investors and social media in the stock market.
Gill is famously known for his role in the GameStop short squeeze of 2021, which was a pivotal moment in the rise of "meme stocks"—stocks that gain popularity through social media and online forums rather than traditional financial metrics.
CHWY, PETS and WOOF Price Action:
- Chewy shares were up by 6.17% at $30.88
- PetMed shares were up by 3.86% at $4.22
- Petco shares were up by 3.45% at $3.45.
Photo via Pixabay.