US video game store operator GameStop Corp. saw its stock climb to session highs on Thursday after Reddit’s favorite meme stock investor Keith Gill, also known as ‘Roaring Kitty’, announced his first YouTube livestream in nearly four years.
Shares of the embattled retailer closed 47.45% higher at $46.55 on Thursday after peaking at $47.50 during the session. The surge prompted the New York Stock Exchange (NYSE) to suspend trading of the popular meme stock twice in the afternoon due to volatility.
The firm’s shares have gained more than 160% so far in 2024. It hit an intra-day high of almost $121 per share in 2021 before losing close to 90% in the following five sessions.
The stock last rose by 31.62% to $61.27 in late trading.
‘Roaring Kitty’ to Host First Livestream Since 2020
The Roaring Kitty channel on YouTube posted an upcoming livestream on Thursday, set to occur on Friday at noon, which may involve talks centered around Gill’s allegedly substantial stake in GameStop.
Gill’s Reddit account shared unverified screenshots on Monday, showing what appeared to be his holdings of 5 million shares, worth $115.7 million, of the Texas-based video game seller. The posts also showed the meme stock influencer having 120,000 call options worth $65.7 million in the company.
The livestream would be Gill’s first public appearance since August 2020, when he last hosted livestreams that led the firm’s shares to rally through the following year.
About 11,000 people were currently waiting to watch the livestream, with numerous users commenting on the live chat. Gill has yet to respond to a request for comment on the upcoming event.
In addition to GameStop’s stock, the recent return of the man at the forefront of the meme stock mania in 2021 has sparked a surge in other companies favored by individual investors on social media this week.
US movie theater chain AMC Entertainment Holdings Inc. rose 12.43% to $5.79 at the close on Thursday, while headphones maker KOSS Corp. advanced 15.48% to $5.52. The two shares last traded 12.26% and 14.3% higher in after-hours.
