GameStop stock soars 60% as ‘Roaring Kitty’ meme stock rally continues

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GameStop stock skyrocketed Tuesday, a day after the return of Roaring Kitty — the American investor known for his Reddit posts — drove the shares sharply higher and brought meme stock mania back to the market.

The video game retailer’s stock was up a whopping 120% in pre-market trading Tuesday morning. The shares were up 82% after markets opened. In the afternoon, trading was halted, with the stock price reaching $47, an increase of 55%. By the end of the day, the stock was up 60% at $48.75. The shares have now spiked almost 210% over the last week.

Posting under the name Roaring Kitty, Keith Patrick Gill is known for igniting GameStop’s massive meme stock short squeeze in 2021, then disappearing from the internet. He broke his three-year hiatus with a tweet on Sunday, causing the video game retailer’s shares to surge by more than 110% Monday. Trading was halted multiple times Monday and the shares ended the day up more than 74%.

That helped send other meme stocks higher, with AMC Entertainment rising 78%. And popular memecoins Dogecoin and Shiba Inu jumped more than 6% and about 5%, respectively.

Gill gained national attention during the pandemic for his bullish analysis of GameStop on Reddit. On Sunday, he posted a picture on X showing a gamer leaning forward in the chair, indicating intense focus — and prompting speculation among followers that he’ll return to Reddit. The tweet has been viewed by over 10 million people as of Monday morning.

GameStop’s run as a meme stock reached its peak in 2021 when a group of small investors, encouraged by the Reddit community WallStreetBets and helped along by an Elon Musk tweet, pushed its shares from $3 to $120.

But GameStop has struggled since 2021, unable to keep up with mobile gaming’s explosion. In its fourth-quarter earnings report, the video game retailer had disappointing results, with sales declining and massive layoffs.

More on GameStop, AMC, and the meme stocks rally

GameStop short-sellers have lost more than $2 billion as the meme stock rally continues

‘Roaring Kitty’ brought back the GameStop meme stock frenzy. Here’s what to know about him

It’s not just GameStop and AMC. These meme stocks are also rallying

GameStop meme stock mania is back. Here’s what happened last time





This article was originally published by a qz.com

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