Keith Gill created the hype in 2021 for Gamestop shares. picture alliance / STRF/STAR MAX/IPx | STRF/STAR MAX/IPx
GameStop’s stock price rose 57 percent this month, led by a comeback on Platform X by Keith Gill, aka “Roaring Kitty.”
His re-entry, marked by a symbolic meme and a YouTube video, sparked immediate price increases in meme stocks.
This underscores the renewed popularity of meme stocks, including a 10% rise in AMC Entertainment.
GameStop is back: The video game seller’s share price has seen a remarkable 57 percent increase this month, while AMC Entertainment Holdings Inc. is up 10 percent over the past 30 days – the return of the meme stocks.
Reason: the return of Keith Gill, better known as “Roaring Kitty”. Gill rose to fame as a key figure in the GameStop stock rally of early 2021. He is an individual investor and former financial advisor who rose to prominence through his posts on Reddit. Gill regularly posted about his investments in GameStop, which inspired many other retail investors to also invest in the stock.
After a three-year break, Gill made an impressive comeback to the media platform X (formerly Twitter), which led to a significant increase in the price of meme stocks overnight.
Last Sunday, Gill uploaded a meme showing a man leaning forward in his chair, indicating serious gaming moments.
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This was followed by a YouTube video in which he briefly summarized his bullish stance on GameStop by saying, “That’s it for now because I’m out of breath. FYI, here is a quick 4 minute video I put together to summarize the bull case for $GME (Gamestop).”
You can see the result of this in this chart:
The price development of Gamestop over the past six months. Finance.net
In 2021, Gamestop, primarily a brick-and-mortar video game retailer, had faced significant challenges as consumer preferences quickly shifted from physical discs to digital downloads. But Gill’s advocacy and the collective support of like-minded investors on the Reddit forum Wallstreetbets reversed the fortunes of the company that seemed destined for bankruptcy. Before markets opened on Monday, it was clear that Gill’s latest post had reignited interest, with shares of GameStop surging 40 percent.
Gill’s influence was widely recognized after his online activities led to a financial showdown in 2021. His posts mobilized scores of retail investors against large hedge funds that had bet against GameStop’s viability and shorted its shares. The “little people” initially triumphed, driving GameStop shares up over 1,000 percent in 2021 and similarly boosting other meme stocks.
After becoming an influential presence, Gill largely retreated from the public eye after sharing a video of sleeping kittens in June 2021.
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