Chewy Inc (NYSE:CHWY) shares are moving lower in extended trading Tuesday after meme stock trader Keith Gill, also known as "Roaring Kitty," sold his stake in the online pet retailer.
What Happened: According to a new 13G filing with the SEC, Gill sold his entire stake in Chewy. The filing indicates Gill had a 0% stake in the pet retailer as of Sept. 30.
Chewy shares fell more than 2% on the news, while GameStop Corp (NYSE:GME) shares crept higher, last up about 1.3%, according to Benzinga Pro.
Gill is best known for playing an influential role in the historic 2021 meme stock craze that saw GameStop and other heavily shorted names squeeze higher. He made a return to social media earlier this year following a three-year absence.
In his return to the limelight, the trader made several cryptic posts on X, shared position updates on Reddit and even held a livestream during market hours on his YouTube channel.
Gill's active presence on social platforms sparked renewed volatility in several stocks popular among retail investors including GameStop and Chewy, which share a connection via Ryan Cohen. Cohen is GameStop's CEO, as well as the founder of Chewy.
At the end of June, Gill posted an image of a dog on X, which spurred speculation that he may be shifting his attention to Chewy. A few days later, the meme stock trader disclosed a 6.6% stake in the pet retailer.
On Sept. 6, Gill posted a meme of the same dog image being tossed to the side like a toy in the classic animated film "Toy Story." The post sparked speculation that Gill may be moving on from Chewy. That speculation was confirmed with Tuesday's filing.
Chewy had been Gill's only other publicly known investment outside of GameStop. Gill hasn't posted a position update on social media since June when he shared a screenshot on Reddit showing that he was holding approximately nine million shares of GameStop.
CHWY Price Action: Chewy shares closed down 0.37% at $26.69 and were down 2.21% at $26.10 after-hours on Tuesday at publication, according to Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
