Petco and Chewy shares experienced a surge in value on Thursday, following a post by Keith Gill, also known as “Roaring Kitty,” on his X account. The share prices of Chewy increased by as much as 28%, while Petco saw a spike of up to 13%. However, both stocks began to decrease as the market approached the closing time.
This brief rally in petcare company stocks occurred around 1:00 p.m. when Gill posted a picture of a dog on his social media account. Chewy traded at $35.75 per share at its peak before retracting the gain, and Petco briefly reached $3.66 per share before decreasing.
Keith Gill is known for his influence on the market, particularly with GameStop shares, which surged 74% after he shared a picture related to the company earlier this year. His subsequent posts revealed his ownership of 5 million shares, which he then increased to 9 million shares. Despite a recent decline in GameStop shares, there was a 3% increase on Thursday.