In an unexpected market shift, several pet-related stocks soared today, apparently triggered by a mysterious tweet from social media personality and GameStop bull trader Roaring Kitty (aka Keith Gill).
The tweet, featuring only a cartoon image of a dog, seemed to spark a flurry of buying activity in the pet care industry, causing various major pet care stocks to immediately surge.
According to data from Google Finance, Chewy, Inc. saw its stock price jump 33% in approximately 15 minutes. Meanwhile, PetMed Express, Inc. saw an increase of over 7%, and Petco Health and Wellness Company’s stock price rose 14%, after Roaring Kitty posted a cartoon image of a dog on Twitter. In all cases, the price increases are not expected to be sustained for long.
Gill, also known as DeepFuckingValue, gained widespread attention and acclaim during the GameStop stock frenzy in early 2021.
He is an investor and popular YouTuber who is a central figure in the Reddit-driven trading phenomenon that caused GameStop’s stock price to soar in 2021, sparking a broader craze around meme stocks. Since then, his analytical ability and charismatic online persona have made him a major influencer in the stock market, especially among retail investors.
On Thursday, he posted a cartoon image of a dog on Twitter without any accompanying text. Despite the lack of context, the tweet was enough to ignite a wave of enthusiasm among his followers and the broader market, leading to a significant rise in the stock prices of pet-related companies.
Gill is actually best known for the GameStop bull market, and over the years, his tweets, Reddit posts, and YouTube livestreams have caused significant fluctuations in GME stock prices, including over the past two months since its resurgence after a three-year hiatus.
Traders might hope he will expand his focus beyond the video game retailer. But there’s another potential angle here: the current CEO of GameStop, Ryan Cohen, is the founder and former CEO of Chewy. Given Roaring Kitty’s penchant for sharing memes with hidden messages, some traders may assume some intent based on this history.
Following Roaring Kitty’s tweet, the surge in pet stocks highlights the continued influence of social media and meme culture on the stock market. This phenomenon has been a focal point of discussion among market analysts, with stocks gaining significant value based on viral trends and social media posts rather than traditional financial indicators.
Senior New York Stock Exchange floor trader Peter Tuchman, also known as “Wall Street’s Einstein,” issued a stern warning this week about the ongoing GameStop trading frenzy.
On Wednesday, Tuchman expressed serious concerns about the impact of social media on trading decisions in an interview with Yahoo Finance. He criticized Roaring Kitty and other traders with large followings on social media for inciting emotions like greed and envy among novice investors.
Tuchman said, “Social media has created this platform of envy, jealousy, need, and greed. That’s the bottom line.”
GameStop’s trading price closed at $25.09, a nearly 4% increase for the day.
Andrew Hayward, Editor
