GameStop Stock Surges On News Of Roaring Kitty Scheduling Livestream

(RTTNews) - GameStop Corp. shares jumped 48 percent on Thursday after the video game retailer's investor Keith Gill, famously known as "Roaring Kitty", scheduled a livestream. The shares further gained significantly in the after-hours trading as well as in pre market activity on the NYSE earlier on Friday. However, the shares are now down around 11.3%.

The YouTube livestream, scheduled for Friday noon, is reported to be the stocks influencer's first live appearance in three years on the channel following the meme stock frenzy in 2021 that was ignited by his bullish videos and posts.

Gill's YouTube return is speculated to be a bullish discussion about his stake in GameStop.

Meanwhile, Gill's Reddit page showed a large stock and option position. Earlier this week, he started posting screenshots of his E-trade portfolio holding 5 million shares of GameStop shares and 120,000 call options.

The Wall Street Journal reported then that executives at Morgan Stanley's E-Trade platform were considering action against an account tied to the screenshot.

The latest surge in GameStop stock follows the recent significant movement in the stock since May when Gill reemerged across social media. GameStop shares soared 167% since Gill's tweeted a cryptic meme on May 12 for the first time on X, formerly known as Twitter, since 2021.

On Tuesday, the Massachusetts Secretary of State Bill Galvin confirmed that his office is investigating the trading activities of Gill, believed to be the person behind the recent spike in GameStop's stock.

The GameStop frenzy in early 2021 resulted in trading restrictions by platforms such as Robinhood, which faced a class-action lawsuit that was dismissed in August 2023.

The trading mania had also led to a series of congressional hearings.

As per reports, Gill, a prominent figure among meme stock traders, had turned his $53,000 investment in GameStop into a multi-million dollar stake, contributing to the increasing hype surrounding the stock.

Earlier in August 2020, Gill reportedly had held three-hour livestreams explaining his investing thesis behind GameStop.

The description by the YouTube account, which has more than 730,000 subscribers, says, "The Roaring Kitty channel and live streams are for educational and entertainment purposes only. I don't provide personal investment advice or stock recommendations during the stream."

On Thursday, GameStop shares closed at $46.55, up 47.45%. In pre-market activity on the NYSE, the shares were gaining 33.28%, but is currently down 11.3% at $41.30.