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. ( CHWY ) , which saw its stock jump by around 10%, PetMed Express, Inc. ( PETS ) around 4% and Petco Health and Wellness Company, Inc. ( WOOF ) , also up 4%.
What Else: Keith Gill, under the pseudonym Roaring Kitty, gained fame for his early and bullish stance on GameStop ( GME ), 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. ( 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 ( GME ) 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.
See Also: 2024 Sees Record Number Of New ETFs, Driven By Active Fund Managers: Report