GameStop shares surged by 61.4% to $21.18 early Monday, marking the stock’s highest peak since 2021, driven by the cryptic return of Keith Gill, also known as “Roaring Kitty.”
The catalyst behind this sudden market frenzy is none other than Keith Gill, also known as “Roaring Kitty,” whose enigmatic return to social media after a three-year hiatus has sparked a wildfire of speculation and excitement. Gill, whose bullish stance on GameStop during the pandemic led to a historic squeeze, posted a cryptic image on X (formerly Twitter), depicting a man leaning forward in a gaming chair, a popular meme symbolizing heightened engagement. This post, while devoid of text, was enough to set the trading community abuzz, interpreting it as a signal of Gill’s re-engagement with the market.
The stock experienced multiple halts due to volatility, affecting other meme stocks like AMC Entertainment, which also saw an increase. Financial analytics indicated that short sellers could face losses exceeding $437 million if the stock’s early gains held.
Despite the stock rally, GameStop continues to struggle with significant sales declines and operational challenges. The company is attempting a turnaround by positioning itself as a premier destination for gaming and entertainment.