Chewy’s stock saw a sharp increase on Thursday following the posting of a picture on social media platform X by meme stock leader Roaring Kitty, which appeared to be a spoof of the online pet food retailer’s logo.
However, the gains were soon reversed later in the trading day.
Roaring Kitty, whose real name is Keith Gill, has posted mysterious memes and images online, which have sparked trading in speculative names like GameStop.
On Thursday afternoon, Chewy’s X feed included a cartoon dog picture that momentarily increased the company’s share price by up to 34% to $39.10.
Later on Thursday, the stock dropped 0.5% and into negative territory once more.
Source (CNBC)
