GameStop surges upon the reappearance of flag bearer “Roaring Kitty” with an X post

GameStop surges Written by Pranav Kashyap and Media Singh (Reuters) -After a three-year break from social media, “Roaring Kitty,” a former insurance company marketer who is credited with starting the 2021 meme stock rally, returned to X.com, shares of videogame retailer GameStop surged over 100% on Monday.

Known by the handles “Roaring Kitty” on YouTube and “Diep***ingValue” on Reddit, Keith Gill played a significant role in the so-called Reddit rally of January 2021, during which GameStop’s shares increased up to 21 times in only two weeks before plunging down to their pre-surge levels in the days that followed.

GameStop Corp. (GME): See specifics of the quote Real-time price (USD) for the NYSE and Nasdaq is 29.43+11.97(+68.56%). since -.Market is open. Place on a watch list Full screen 1D5D1M6MYTD1Y5Y Gill published a drawing of a man leaning on Sunday.

GameStop surges upon the reappearance of flag bearer "Roaring Kitty" with an X post

GameStop surges forward in a chair, a meme that’s widely used by gamers to denote a severe situation. This is his first post on X, formerly on Twitter, following a conspicuous absence from social media since the middle of 2021.

“Roaring Kitty” did not answer Reuters’s request for comment right away. On Monday, GameStop’s stock reached a one-year high and began trending on the investor-focused social media platform stocktwits.com, suggesting that individual investors were showing interest. On X.com, Robinhood, a retail trading platform, and Roaring Kitty were popular.

GameStop surges Chief market strategist at B Riley Wealth Art Hogan stated that Roaring Kitty “seems to be the most likely suspect for the renewed interest today… but I would be careful not to characterize the participants in this phenomenon as investors.” “None of them has changed fundamentally.”

the businesses that are made well-known by this phenomenon.”

In an effort to minimize expenses, GameStop let off an undisclosed number of employees in March and revealed decreased fourth-quarter revenue.

Approximately 25% of the company’s shares that are openly traded are shorted, and on paper, pessimistic investors stood to lose $437 million on Monday, according to analytics firm Vortex.

GameStop surges upon the reappearance of flag bearer "Roaring Kitty" with an X post

GameStop surges Short sellers generally borrow stocks to sell them and make a profit by buying back later when the price falls. On Monday, no GameStop shares were available for borrowing on trading platform Interactive Brokers, a Berlin-based trader confirmed.

Although the faltering videogame retailer’s stock has increased by more than 57% in May, it is still almost 80% below its 2021 peak. “It is doubtful that you will witness

a recurrence of a stock mania for any extended duration due to the altered circumstances. A while back, there were a lot of people who were idle and stuck at home with free money, but that is no longer the case, according to Great Hill Capital LLC chairman Thomas Hayes.

GameStop surges Gill’s remarks on Reddit’s Wallstreetbets discussion forum about his profits from investments in the highly shorted company sparked a rise in interest in GameStop and ultimately led to the meme stock rally of 2021.

Article Source finance. Yahoo

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