Why Are Petco Shares Surging Friday?

Petco Health and Wellness Company, Inc. WOOFHTTPSWOOF shares are trading higher on Friday following a social media post by Keith Gill, known as Roaring Kitty, who posted a picture of a dog on X (formerly Twitter).

What’s Happening: The social media post by Roaring Kitty, famous for his role in the GameStop short squeeze of 2021, has caused a surge in interest in pet-related stocks. Gill’s influence in the stock market is significant, given his past success in identifying and promoting stocks with potential for substantial gains.

What Else: Additionally, Petco recently also released its 2023 Environmental, Social and Governance (ESG) report, highlighting key initiatives and achievements. The report details a new large-scale recycling program aimed at diverting LDPE plastic from landfills, expected to recycle nearly 150 tons of plastic annually.

It also highlights Petco Love’s efforts in finding homes for nearly 143,000 pets and providing over 2.2 million free vaccines to pets in under-resourced communities.

WOOF Price Action: Petco shares were up by 13.3% at $3.79 according to Benzinga Pro.

See Also: SEC Files Lawsuit Against Consensys Over Unregistered Brokerage Activities

Image Via Shutterstock.