Chewy stock rises on Roaring Kitty's disclosure of 6.6% stake

Shares of Chewy (CHWY) are surging after "Roaring Kitty," also known as Keith Gill, disclosed a 6.6% stake in the company.

Yahoo Finance's Josh Schafer reports more on the story and the details of Gill's SEC filing.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Melanie Riehl

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Chewy shares.

We're also tracking that this morning.

Chewy shares, surging this morning after Keith Gill known as Roaring Kitty, disclosed a 6.6% stake in the stock.

This comes after Gill posted a vague picture of a dog to his ex account last week, which sent shares of Chewy to a one year high.

All right, Josh, stick around with us for this one.

Why don't you?

Because, uh, this has a a lot.

And I mean, even the SEC filing was perhaps unlike any we've ever seen before at this juncture.

Yes.

So he filed.

He had an SEC.

Filing because he bought more than 5% of Chuy's outstanding shares, right?

6.6%.

And really, there wasn't much in this filing.

Brad, other than Keith Gill, decided to add a little check box for himself to tell us if he identifies as a cat or not for reference.

You can see on your screen there he identified himself as not a cat, a cat, so that was sort of the highlight of how the filing works.

Obviously, this is, I think, broader takeaways here.

One.

There was actually an SEC filing this time with his name on it, saying that he bought a large amount of chewy shares.

That is not something you have seen with a lot of the Gamestop transactions he's been making right.

It's sort of been vague screenshots that go up on a reddit that has been linked to him.

But there was kind of discussion when we think back to the Gamestop rally over the last month and a half.

Is this really Keith Gill?

Is he the one on the Roaring Kitty account?

Is he the one on his Reddit account?

This is clearly Keith Gill because it's an SEC filing.

He definitely bought the shares.

Why he bought the shares, I think is up to anyone's guess.

At this point, it is interesting to me, I think, and important to point out, Chuy is a much different company than Gamestop.

Chuy has an actual potential re emerging growth story there.

They posted a positive profit in their most recent quarter, like it's just a different company than Gamestop.

It's not really a meme stock like Yes, their founder, Ryan Cohen, is, of course, the CEO of Gamestop, and that's kind of your meme stock connection.

But Ryan Cohen is not on the board.

He does not have any public facing involvement with Chewy, so just sort of speculating on why this would be the target.

It becomes a little bit harder, I think, to put the pieces together, at least for me.