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Roaring Kitty has dissolved his holdings in Chewy, but meme stocks are alive and well

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Gamestop Corp. ニュース

Retail And Wholesale,Financial Markets,General News

A pivotal actor in the meme stock craze the began during the pandemic continues to hold a powerful sway over the movement of shares in major U.S. corporations. Nearly four months after revealing a massive stake in the online pet supply retailer Chewy, Keith Gill, aka Roaring Kitty, has dissolved his entire holdings in the company.

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GameStop and Chewy have a common tie in Ryan Cohen. He founded Chewy in 2011 and stepped down as CEO in 2018. Gill saw in Cohen the potential to save GameStop, where he is CEO.Trump Media & Technology Group Corp. As with other Gill investments, he had been dropping potential hints on X. In early September, he posted an image from the “Toy Story” film franchise of a child dropping a toy with the face of a dog superimposed on its head. Chewy uses dogs in a lot of its marketing materials.In its most recent quarter, Chewy topped Wall Street earnings expectations and its revenue rose 2.6%.

A short squeeze is a relatively rare event that can yield eye-popping profits for people riding the wave. When investors bet a stock’s price will go down in the future, they “short” it by borrowing shares and selling them. Later, if the price does indeed fall, theGameStop in March had roughly 305.9 million shares of its stock trading in the market, more than four times the number of shares it had in March 2021. That means it is more difficult to move stocks like GameStop on momentum alone.

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Roaring Kitty has dissolved his holdings in Chewy, but meme stocks are alive and wellA pivotal actor in the meme stock craze the began during the pandemic continues to hold a powerful sway over the movement of shares in major U.S. corporations.
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