GameStop stock surges 37% – even as the roaring cat remains silent

GameStop stock (GME) is surging once again, but Roaring Kitty remains inactive.

Hot on the heels of the holiday weekend, GME surged more than 30% on Tuesday on news that the video game retailer made a profit of about $1 billion from a strategically timed sale of its own stock during an unexpected rally earlier this month.

This rally, which saw GME nearly quadruple its value, was sparked by the apparent return of Keith Gill (aka) online. roaring kittyThis is the meme stock influencer that inspired a brigade of retail investors to short squeeze GME in 2021.

Earlier this month, Gil’s Twitter account suddenly started. post secretly After almost three years of silence. The ongoing frenzy surrounding the post has pumped up related posts as well as GME. cryptocurrency token And there are other meme stocks too AMC. Then, over the next five days of posting, Roaring Kitty silence again.

But before the music dies, GameStop contaminated On May 17, we decided to cash in on this phenomenon by selling 45 million new shares of common stock. This move caused GME to plummet about 30%. But today’s news that the sale netted the company about $933 million appears to have energized investors.

GME shares surged to $26.20 today, up 37% from Friday’s close. At the time of writing, it was stable at $23.19, a net increase of 22% since the holiday weekend.

However, such a recovery would not put GME anywhere near the price it reached at the height of the enthusiasm generated by Roaring Kitty’s apparent return. In mid-May, just two days after the influencer’s account was reactivated on Twitter, GME surged above $60.

Since going silent on May 20, Roaring Kitty’s social media accounts have remained dormant. Keith Gill said he has not publicly explained why he started posting again. In fact he didn’t even check it actually was Him electricity.

Nonetheless, Gamestop appears to have profited enormously from the series despite its poor ending. GME is currently trading at more than double its price just a month ago.

Editor: Andrew Hayward