What's Going On With Chewy Stock Monday?

Chewy, Inc 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 GME stocks and options through a screenshot shared on Reddit, Inc 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.