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Forget GameStop, this is Roaring Kitty’s new favorite stock

Forget GameStop, this is Roaring Kitty's new favorite stock
Elmaz Sabovic

Keith Gill, famously known as Roaring Kitty, has notably returned to social media, sparking market excitement. 

On June 27, Gill posted an image of a cartoon dog with its tongue hanging out on X, leading to speculation that Chewy’s (NYSE: CHEWY) stock, an American online retailer of pet food and other pet-related products, might be his next target. 

This simple post caused CHWY shares to surge by over 27% in early trading, reaching daily highs of $35.75, although the stock later gave up most of these investment gains.

While GME shares lost 0.91%, closing daily trading at $25.09, in the past five trading sessions, CHWY stock added 13.92% to its value.

CHWY stock 24-hour price chart. Source: Google Finance
CHWY stock 24-hour price chart. Source: Google Finance

While the exact meaning of the post is unclear, Gill’s influence on the market remains strong. Many interpret his meme-driven posts as hints at his next investment move.

There is a connection between Chewy and GameStop stocks

Gill’s return has reignited interest in potential meme stocks, with Chewy emerging as a likely candidate. In the past, Gill made substantial gains during the GameStop (NYSE: GME) surge, amassing millions in his trading account. This has led to speculation that he could be eyeing Chewy next. 

Interestingly, there are parallels between Chewy and GameStop that could attract retail investors’ attention, and it seems that they have already made an impact, as there is a substantial increase in call options, with one trader making millions of his July 19 call options according to Unusual Whales.

Meanwhile, GME stock has experienced a significant $6 million volume in call options as retail investors’ interest is reignited.

Experts such as Abigail Doolittle have called it  a “message to FED, there is no fear here, and there is so much liquidity.”

Gill has previously praised Ryan Cohen, the founder of Chewy and current CEO of GameStop, viewing him as crucial to GameStop’s turnaround. 

If Cohen’s involvement is a core part of Gill’s investment thesis, it makes sense that he would consider investing in Chewy, a company Cohen knows well.

Roaring Kitty could fuel another short squeeze

Whether Gill is testing the market’s response or has already invested in Chewy remains uncertain. The initial surge in CHWY stock, followed by a subsequent decline, indicates the volatile nature of meme stock trading and the speculative environment driven by social media influence. 

Many management teams aspire to replicate the success of GameStop and other meme stocks that surged in 2021 due to social media movements on platforms like Reddit (NYSE: RDDT). Chewy’s potential as the next meme stock battleground could attract significant retail investor interest. 

Whether this collective capital can drive another short squeeze or sustained rally remains to be seen; the market will be watching closely for Gill’s next move.

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