Chewy (CHWY) stock rose as much as 30% on Thursday after the X account linked to investor Keith Gill, also known as “Roaring Kitty,” posted a picture of a dog. The stock quickly retreated, though, and closed the day just below the flat line.
Posts on Gill’s account have been driving up shares of GameStop (GME) over the past month and brought a resurgence to the meme stock trade.
After the market close on Wednesday, Chewy announced a $500 million share repurchase program. However, that news appeared to have little impact on the stock, which didn’t jolt higher during Thursday’s trading session until Gill’s tweet.
The account’s tweet at 1 p.m. ET sent shares of Chewy rocketing higher before the eventual pullback.
Gill recently talked glowingly during a YouTube livestream about GameStop CEO Ryan Cohen, who is also the founder of Chewy.
Gill explained his large position in GameStop was a “bet on the management.”
“In particular, of course, Ryan f***ng Cohen. Ryan Cohen and his crew,” Gill said. “That’s what folks should be focused on,” Gill said.
Other pet stocks also caught a bid following the tweet, with shares of both Petco (WOOF) and PetMed Express (PETS) rising in afternoon trading.
Notably, GameStop, which had previously moved higher off Keith Gill’s reemergence, was up just 5% on the day, little changed after the tweet. The meme frenzy revival began last month, when GameStop rallied 180% over a span of two days after Keith Gill posted on X, formerly Twitter, for the first time since 2021. But since, shares have fallen as GameStop revealed a sales decline in the most recent quarter and issued more stock.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
Click here for in-depth analysis of the latest stock market news and events moving stock prices.
Read the latest financial and business news from Yahoo Finance
Read More: Chewy stock spikes, then retreats, after ‘Roaring Kitty’ posts cryptic picture