The video game retailer’s shares GameStop they shot up more than 70% this Monday, after Roaring Kitty a former insurance company salesman credited with starting an unexpected stock market rally in 2021, returned to platform X after three years of absence from social networks.
Keith Gill, known as Roaring Kitty on YouTube and “DeepF***ingValue” on Reddit, was a key figure in an initiative that sent GameStop stock They will multiply by 21 in two weeks in January 2021, before falling to pre-bullish levels in the following days.
Gill on Sunday posted a drawing of a man leaning forward in a chair, a popular “meme” among gamers that indicates the situation is getting serious. It is his first publication on X – formerly Twitter – after having been absent from social networks since mid-2021.
Roaring Kitty did not immediately respond to a Reuters request for comment.
GameStop shares hit one-year highs in the session and were trending on the investor-oriented social network stocktwits.com, which indicates the interest of individuals. Roaring Kitty and retail trading platform Robinhood were trending on X.
Roaring Kitty “seems to be the most likely suspect for today’s renewed interest (…) but I would be careful not to characterize the participants in this phenomenon as investors,” said Art Hogan of B Riley Wealth. “There is no fundamental change in any of the companies that are popularized in this phenomenon.”
GameStop shares: despite soaring, they are still far from the 2021 record
Shares of the beleaguered video game retailer have appreciated more than 57% so far in May, but remain a 80% below the 2021 high.
“The ‘meme stock’ craze is unlikely to repeat itself for any sustained period of time, because the conditions are different. It was a time when there were a lot of people stuck at home with money and nothing to do, and “That’s no longer the case,” said Thomas Hayes, president of Great Hill Capital LLC.
Source: Ambito
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