Roaring Kitty’s most recent move was the enormous purchase of Chewy Inc. shares, increasing his ownership stake. However, he's facing a lawsuit related to the GameStop saga. Get the full story here.
Keith Gill, also known as "Roaring Kitty," has acquired a significant stake in Chewy Inc. (CHWY). According to recent SEC reports, Gill acquired a staggering 9,001,000 shares of Chewy Inc. at an average price of $25.35 per share. This purchase catapults him to the third-largest CHWY shareholder, trailing only Vanguard funds and the largest retail shareholder.
The news had caused a remarkable 28% surge in CHWY's share price before the opening of trade. The stock is at around $35 right now. However, watch for potential market volatility once U.S. stock markets open.
If the CHWY stock price holds, Roaring Kitty stands to make an unrealized profit of approximately $87 million from this strategic move. Despite the challenges, his belief in the company's potential continues to hold.
Gill's legal troubles are still mounting. He's facing a new lawsuit in the Eastern District of New York regarding his alleged role in an illegal pump-and-dump scheme during GameStop's stock rise at the beginning of 2021.
According to the complaint, Gill leaked misleading information about GameStop's financial situation via social media and artificially inflated the price of GameStop's stock. He allegedly sold his holdings once the price had risen, causing substantial investor losses.
Despite these obstacles, Roaring Kitty claims to have acted in good faith when he believed that GameStop was on the verge of greatness. It is not yet clear what the outcome of this case will be, but it adds a new layer of complexity to his already exciting stock market journey.
