Roaring Kitty’s cartoon dog picture prompts Chewy to jump

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Recently, Chewy shares surged after meme stock leader Roaring Kitty posted a picture on social media platform X that resembled the logo of the online pet food retailer. Roaring Kitty, also known as Keith Gill, has a history of stirring up trading in speculative names like GameStop with his cryptic images and memes.

What you may not know is the strong connection between GameStop and Chewy. GameStop CEO Ryan Cohen was the founder and CEO of Chewy, playing a key role in PetSmart’s takeover of Chewy in 2017. This connection has led to interesting dynamics in the stock market, with Chewy and Petco seeing big spikes during the pandemic as pet adoptions soared.

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However, as the pandemic wanes and people start venturing outside again, the demand for discretionary pet items has decreased. This has had an impact on higher margin categories for companies like Chewy and Petco, despite strong pet food sales.

Keith Gill, the man behind Roaring Kitty, rose to fame for encouraging retail investors to buy GameStop shares and call options in 2021. This led to a frenzy in the stock market and congressional hearings on brokers’ practices.

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