GameStop surges over 70% after trader 'Roaring Kitty' resurfaces with X post

GameStop stock hit a one-year high on Monday and was trending on investor-focused social media stocktwits.com, indicating interest from individual investors.

It seems like meme stocks are back in the groove as shares of videogame retailer GameStop jumped more than 70 percent on May 13. "Roaring Kitty", a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com (formerly Twitter) after a three-year hiatus from social media.

Keith Gill, known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit, was a key figure in the so-called Reddit rally, which saw shares of GameStop surge as much as 21-fold over two weeks in January 2021 before crashing to pre-surge levels in the subsequent days.

Gill on May 12 posted a sketch of a man leaning forward in a chair, a popular meme among gamers that indicates things are getting serious. It is his first post on X, earlier Twitter, after being notably absent on social media platforms since mid-2021.

The post had attracted more than 9 million views in the hours since its publication.

pic.twitter.com/YgjVqtgcNS

— Roaring Kitty (@TheRoaringKitty) May 13, 2024

GameStop stock hit a one-year high today and was trending on investor-focused social media stocktwits.com, indicating interest from individual investors. Roaring Kitty and retail trading platform Robinhood were trending on X.com.

The retailer in March was reported to have cut an unspecified number of jobs to reduce costs and reported lower fourth-quarter revenue amid rising competition from e-commerce firms and weak consumer spending in an uncertain economy.

GameStop posted revenue of $1.79 billion for the fourth quarter, compared with $2.23 billion in the same quarter a year earlier.

(With agency inputs)