GameStop Soars 30% on ‘Roaring Kitty’ Livestream News

GameStop’s stock experienced a significant surge, climbing 30%, following the announcement that Keith Gill, also known as ‘Roaring Kitty,’ will host a livestream. Gill, a key figure in the meme stock movement, gained attention for his large bet on GameStop’s stock, which helped fuel the rally.

Scheduled for 12 p.m. ET on Friday, the livestream on Gill’s YouTube channel will mark his first public appearance since April 2021. The announcement caused a brief halt in GameStop’s trading, but the stock quickly resumed, with shares rising over 20% to surpass $40. The intraday peak of $44.41 was reached shortly after Gill’s YouTube activity.

Despite the uncertainty surrounding the livestream’s content, the stock’s movement reflects the ongoing momentum behind GameStop. This unusual impact underscores Gill’s influence, as a scheduled video from a non-company-affiliated individual drove significant movement in a company valued at over $10 billion.

Gill’s investment in GameStop includes five million common shares and 120,000 call options, totaling a position exceeding $100 million. His recent reemergence as an investor in GameStop has attracted scrutiny, with reports suggesting E-Trade is considering removing him from its platform and Massachusetts’ financial regulator probing his trading activity.

Gill gained prominence online for documenting his 2019 investment in GameStop, eventually becoming a central figure in the early 2021 meme stock frenzy. During this period, retail investors on social media united against institutional investors with short positions in GameStop.

While GameStop’s stock has remained resilient compared to other meme stocks like AMC and Bed Bath & Beyond, its financial performance does not align with its stock market success. Despite its stock trading significantly higher than pre-2021 levels, its revenue of $5.3 billion in the latest fiscal year is lower than any year from 2009 to 2020. Prior to the meme stock surge, GameStop’s stock never exceeded $15.53, despite stronger financial figures before the pandemic.