Benzinga - by Surbhi Jain, .
GameStop Corp (NYSE:GME) has become the talk of Wall Street once again, closing at $46.55 for a staggering 47.45% jump on Thursday. However, the stock was down 13.9% during Friday morning trading following the company’s earnings miss.
Chart: Benzinga Pro
Earnings coverage here: GameStop Releases Q1 Results Ahead Of ‘Roaring Kitty’ Event, Files Prospectus To Raise Capital Via Equity Offering
Roaring Kitty’s Live Stream Event At Noon Moves Markets
The meme stock, up 88.54% over the last year and 165.54% year-to-date, has seen most of its meteoric rise in just the last month, skyrocketing 179.54%. The catalyst? The return of none other than Keith Gill, aka Roaring Kitty.Gill, famous for his role in the 2021 GameStop short squeeze saga, announced a YouTube live stream scheduled for 12 p.m. ET on Friday, sending shares momentarily up 34% in premarket trading. As the earnings news settled in, the stock was seen sliding.
His enigmatic tagline, “I’ll wager with you, I’ll make you a bet,” has sparked investor frenzy despite his cautionary disclaimers about past performance and personal opinions.
GME Short Interest Remains Sky-High
It's not just Gill driving the buzz. GameStop’s short interest remains sky-high, with 68.39 million shares shorted, equating to 21.84% of the float. The short interest ratio is a mere 0.70 days to cover, highlighting the intense pressure on short sellers.Recent data from FINRA reveals that off-exchange short volume has surged, with the ratio hitting 49.46% on June 6.
Reddit user welp007 from r/Superstonk noted, “$GME short volume has gone parabolic for the 3rd time this week, up a staggering 174%.”
The Last Word: As GME’s short volume continues to climb and Roaring Kitty stirs the pot, investors are bracing for a wild ride. Whether you’re a seasoned trader or a retail investor, the GameStop saga is far from over.
Read Next: Roaring Kitty’s Chances Of Becoming A Billionaire Today Just Plummeted: Here’s Why
Photo: Shutterstock
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