After more than three years, “Roaring Kitty,” a figurehead for the meme stock phenomenon, has posted on social media, sparking GameStop shares to jump.
Roaring Kitty, or Keith Gill, took to X on Sunday to post a picture of a video gamer sitting forward in their chair, a meme that means someone is getting serious.
The post from Gill sparked a jump in two iconic meme stocks, with Gamestop shares rising 70% before being paused Tuesday, following a 74% increase on Monday.
AMC shares have also risen dramatically this week, jumping 90%, while BlackBerry saw a 17% pop, and the headphone manufacturer Koss was up 40%.
Gill, who was at the center of the meme stock movement a few years ago has been relatively quiet since 2021, when he last posted on X. That post has garnered more than 23 million views.
Since his post on Sunday, Gill has posted a series of clips from famous movies and TV shows, though the meaning has not been made clear.
Neil Wilson, chief market analyst at Finalto, shared with CNBC that the increase in support for GameStop has no other explanation than Gill’s following.
“It looks like retail investors are becoming more bullish again and willing to take on more risk,” Wilson said in a note. “There is no fundamental reason for the move as such - GME’s last earnings report was abysmal.”
The movement from Gill and his following had a drastic impact on GameStop in 2020 and 2021, when the company’s stock hit an all-time high of $120.75 in January 2021.
However, the company has struggled over the last three years, hitting a low of $9.95 last month. But, on Monday, the company’s outlook seemed to reverse, with shares closing above $30.
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In late March, GameStop reduced its staff to save costs and reported a lower fourth-quarter revenue as it continues to fight off rising competition.
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