Chewy, Inc (NYSE:CHWY) stock gained Monday in premarket trading after 'Roaring Kitty' Keith Gill disclosed a 6.6% passive stake in a 13G filing.
Last week, Roaring Kitty posted an image of a cartoon dog on the social media platform X, sending the stock price upwards, followed by a trading halt due to volatility.
Gill, who initiated the meme-stock craze in 2021, recently revealed a significant position in GameStop Corp (NYSE:GME) stocks and options through a screenshot shared on Reddit, Inc (NYSE:RDDT) on June 2.
Chewy's stock surged after it reported robust first-quarter results and announced a $500 million share repurchase program in late May.
The e-commerce retailer for pet supplies reported better-than-expected first-quarter 2024 results.
The pet care company reported adjusted EPS of $0.31, quashing the analyst consensus estimate of $0.07. It reported sales of $2.88 billion, up 3.1% Y/Y, above the analyst consensus of $2.85 billion.
Goldman Sachs raised its price target to $35, citing Chewy's operational enhancements and increasing revenue growth.
Chewy stock surged over 22% last month.
Price Action: CHWY shares traded higher by 20.2% at $32.75 premarket at the last check Monday.