Chewy (NYSE: CHWY) stock rose 28.4% in June, according to data provided by S&P Global Market Intelligence. It was an unusual month, with trading fueled by ongoing speculation about who was buying and who was selling.

Chewy stock spiked in mid-June on rumors that Ryan Cohen was buying shares on behalf of GameStop. Cohen founded Chewy but left the company in 2018. During the pandemic, he became an activist investor in GameStop and eventually took on the role of CEO. As CEO, he plans to invest GameStop’s cash in other publicly traded companies.

Investors don’t yet know if Cohen’s GameStop is indeed buying shares of Chewy, but Keith Gill, who made a fortune on stocks like GameStop, hinted that he might be acquiring a stake in Chewy. On July 1, he disclosed a significant 6.6% stake in the company, worth about $250 million. The potential interest in Chewy from either of these investors supports the idea that Chewy is an attractive value.