New meme stock? Shares for this company are rising after ‘Roaring Kitty’ post

One of the internet’s most followed investors has done it again, as the man known as Roaring Kitty posted about his latest investment in Chewy, resulting in stock prices rising.

Roaring Kitty, the internet persona for Keith Gill, who led the “meme stock” movement, revealed on Monday that he had made investments in the online pet retailer Chewy, resulting in an 11% jump for the company’s shares, before trading down 6% by midday.

Gill had foreshadowed his Chewy holdings in a post on X last week that showed a dog emoji. After his initial post, several pet trade companies, along with Chewy, saw a boost in stock prices.

An SEC filing from Monday showed that Gill had purchased approximately $245 million of Chewy’s shares, totaling around 6.6% of the entire company, at Friday’s closing price.

While the internet stock trader has garnered fame for his role in the meme stock movement, Gill has recently received backlash over his trading practices.

A lawsuit filed against Gill in Brooklyn alleges that his most recent trades in GameStop shares were just a “pump and dump” scheme in order to make money off his notoriety and, at times, cult following.

The plaintiff in the case,  Martin Radev, alleges that Gill used his following to boost the stock price of the video game retailer this year by posting about his holdings while failing to reveal he had taken up a new position in the company. The suit alleges that he then sold his shares for a profit.

While the current price of GameStop shares is higher than before Gill posted, they have declined from their peak by nearly 50%.

The secretary of state of Massachusetts, where Gill is a resident, is also investigating his GameStop trades.

Gill has not responded to requests for comment.