Branding Chewy a meme stock is bad for the pet retailer, according to Wall Street analysts

Chewy shares started swinging wildly after online personality Roaring Kitty revealed a big stake , but Wall Street analysts believe being branded as a meme stock is not good for the pet retailer. The meme stock leader, whose legal name is Keith Gill, has taken a 6.6% stake in Chewy, making him the third-largest shareholder. An initial boost in the share price — it surged 18% in a two-day span early last week — has quickly faded, with shares falling more than 5% Monday.

Selling from the biggest backer Meanwhile, Chewy's share price has also been affected by sales of stock from the private equity firm BC Partners that is its largest shareholder. The firm recently sold 17.6 million of its shares back to Chewy for $500 million. BC Partners also dumped more than 5.3 million shares in the open market Thursday, the day Gill posted a picture of a cartoon dog that resembled Chewy's logo, sparking a huge rally.

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