- Keith Gill, also known as “Roaring Kitty,” has caused a significant surge in GameStop shares and other meme stocks after resurfacing online after three years.
- Gill’s online activity, including sharing a meme and an old YouTube video, led to a 74% increase in GameStop shares.
- GameStop’s resurgence also boosted other meme stocks, with AMC seeing a 78% increase and smaller gains in companies like Koss Corp. and BlackBerry.
Keith Gill, the pivotal figure in the 2021 meme stock phenomenon, resurfaces online, causing a significant surge in GameStop shares and other meme stocks.
Gill’s Online Activity Sparks Meme Stock Surge
Known for his pivotal role in the 2021 meme stock phenomenon, Keith Gill, also known as “Roaring Kitty,” resurfaced online after three years, causing a significant surge in GameStop shares. Gill shared a meme on a social platform that typically signifies heightened gamer attention, followed by an old YouTube video where he reiterated his support for GameStop. This activity led to a 74% increase in GameStop shares, marking its most significant intraday rise since the early 2021 meme stock frenzy.
Resurgence in Meme Stocks
In addition to GameStop, Gill’s online resurgence also boosted other meme stocks. AMC saw a 78% increase, and smaller gains were observed in companies like Koss Corp. and BlackBerry. Trading was halted eight times before noon due to the extreme volatility. This resurgence is reminiscent of the 2021 scenario when Gill and other retail investors sparked a massive rally by purchasing GameStop stock, causing a “short squeeze” and compelling short sellers to buy shares at rising prices to mitigate losses.
Impact on GameStop and Other Meme Stocks
GameStop, once a floundering video game retailer, reported its first annual profit since 2018 earlier this year. However, the long-term success of the company’s pivot towards digital sales remains uncertain. Despite this, the interest in meme stocks has been rejuvenating, with GameStop and AMC posting significant gains. The short positions against GameStop have notably decreased from over 140% of tradable shares in 2021 to just over 24% now.
Conclusion
Gill’s influence in the stock market remains potent, as evidenced by the recent trading surge. His story and the broader meme stock saga were dramatized in the film “Dumb Money” last year. Despite profiting from the rally, Gill testified in a Congressional hearing that his actions were not aimed at manipulating the stock price, famously remarking, “I like the stock.” As the interest in meme stocks continues to rejuvenate, the market awaits further developments.
