- Roaring Kitty (Keith Gill) tweeted a cartoon image of a dog, which led to a surge in stock prices of pet-related companies like Chewy, PetMed Express, and Petco.
- Chewy’s stock jumped by 33% in about 15 minutes, PetMed Express rose by over 7%, and Petco’s stock increased by 14% following Roaring Kitty’s tweet.
- Gill, known for his influence in the GameStop stock frenzy, sparked speculation among traders that he might be hinting at expanding his focus beyond GameStop, given the history of GameStop’s CEO Ryan Cohen as the founder of Chewy.
Decrypt publishes article analyzing the surge in pet stocks after Roaring Kitty tweeted a cartoon dog image. The tweet sparked a wave of buying activity in pet care stocks like Chewy and PetMed Express. The price jumps were short-lived. The article discusses Roaring Kitty’s influence and the impact of social media on meme stock trading.
Roaring Kitty’s Influence
Roaring Kitty, aka Keith Gill, gained fame during the GameStop frenzy in 2021. His analysis and charismatic online presence have made him an influential figure, especially among retail investors. His latest cryptic tweet featuring just a cartoon dog image prompted a flurry of pet stock buying. This highlights his continuing impact despite a lack of context.
Pet Stock Price Spikes
Chewy stock jumped 33% and PetMed Express rose 7% following the tweet. Petco also saw a 14% increase. The surge shows Roaring Kitty’s power to move stocks just by posting memes. It also demonstrates the influence of social media and meme culture on trading.
Concerns Over Meme Stock Trading
The phenomenon of meme stocks gaining value from social media trends rather than fundamentals has sparked discussion. Veteran NYSE trader Peter Tuchman recently warned about the GameStop craze stoking envy, greed and unhealthy behavior. He criticized Roaring Kitty for inciting emotions among novice investors.
Conclusion
The pet stock gains from a single cartoon dog tweet demonstrate Roaring Kitty’s ongoing impact on the market. It also highlights concerns around meme stocks and social media’s role in driving trading decisions based on hype rather than fundamentals.
