Benzinga - by Chris Katje, Benzinga Staff Writer.
Shares of video game retailer GameStop Corporation (NYSE:GME) have been highly volatile in recent weeks after the return of Keith Gill, aka Roaring Kitty on social media.
Gill appears to be ready to host his first YouTube livestream in three years, a move that is sending GameStop shares higher Thursday.
What Happened: GameStop shares are trading higher Thursday after a countdown began for a video on Roaring Kitty's YouTube page. The move follows a recent post of an Uno reverse card by Roaring Kitty on X.
The video titled "Roaring Kitty Live Stream – June 7, 2024" is set to begin at 12 p.m. ET Friday.
At the time of writing there are over 12,000 people waiting for the video, which could suggest high demand for the first video from Roaring Kitty in over three years.
The Roaring Kitty account on YouTube has over 700,000 subscribers.
Gill was a central figure in the GameStop short squeeze storyline of 2021 that saw the stock soar in a David vs. Goliath battle of retail traders versus short sellers and hedge funds.
With the Roaring Kitty account and social media channels, Gill provided updates on the stock and why he liked the company and thought shares were undervalued. Gill’s thesis gained a following on Reddit and his YouTube channel.
Related Link: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Why It's Important: GameStop stock soared when Roaring Kitty began posting on his X account once again and remained volatile as Gill shared series of memes and videos on the account over several days.
After the posts stopped and GameStop issued a share offering, the stock fell in price.
Many believed Gill or whoever else was behind the account and posts had retreated after the stock rise. It was later revealed that Gill had bought additional shares and options in GameStop in a post he shared on Reddit.
With some people still unconvinced that it is Gill behind the posts on social media and the recent trading activity, the livestream could help validate that it is the real Roaring Kitty returning to the GameStop storyline and trade.
GME Price Action: GameStop shares are up 23% to $38.70 on Thursday versus a 52-week trading range of $9.95 to $64.83. GameStop stock was halted several times Thursday in volatile trading on the heels of the video countdown.
Read Next: Roaring Kitty’s GameStop Trades Exploit SEC’s Regulatory Gaps, Experts Warn: ‘This Is Obviously Market Manipulation’
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.