GameStop shares spike on return of meme stock poster
GameStop shares are trading up sharply this week after meme stock personality Keith Gill, also known as Roaring Kitty, made his first social media post on Twitter/X in almost three years Sunday night.
The post in question was an image of a man holding a controller sitting upright in a chair from a relaxed position. That post was followed by 11 others mashing together various edited clips from well-known movies, shows, songs, and music videos.
While many of the clips had some theme of characters returning or preparing to take action, there was no clear message about what exactly Gill would be doing, or anything specific to GameStop itself.
GameStop shares closed trading on Friday at $17.46, and opened Monday's trading up 51% to $26.34.
It would climb to a high of $38.20 on Monday before giving back some of those gains, and opened today's trading at $64.83, a valuation it last reached in June of 2021 (after accounting for a 4:1 stock split in 2022).
Gill was also known on the r/wallstreetbets Reddit as DeepF***ingValue, and was an instigator in the original 2021 GameStop meme stock rally.
As of this writing, GameStop shares were trading at almost eight times their average volume, and while they had declined since the opening of trading, they were still well above their previous level at $54.
GameStop underwent a round of layoffs in March after reporting fiscal year-end results with sales down 11% to $5.27 billion, but managing a net profit of $6.7 million that represented a significant improvement on the $313 million it had lost the previous year.
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