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HomeBreaking NewsGameStop stock opened 45% up on Monday: here's why

GameStop stock opened 45% up on Monday: here’s why

2024-05-13 09:17:02 ET

GameStop Corp (NYSE: GME) opened about 40% up on Monday after “Roaring Kitty” made a post on “X” for the first time since 2021.

Why does Roaring Kitty matter for $GME?

That’s significant since Keith Gill who goes by “Roaring Kitty” on X and “DeepF******Value” on Reddit is the one who inspired the short squeeze of 2021.

He, therefore, is the pioneer of the meme stock frenzy so to speak.

Gill even faced a class-action lawsuit that alleged he acted as if new to trading but was a licensed professional instead. The ex-marketer at Massachusetts Mutual Life Insurance testified before Congress as well.

GameStop stock has now gained about 150% in less than a month – which nonetheless is nothing compared to the short squeeze rally in 2021.

Is GameStop stock worth buying in May?

$GME is climbing in recent weeks even though it reported a disappointing quarter in late March.

The video gaming merchandise retail firm saw its sales tank 20% in its fourth financial quarter while 21 cents of per-share earnings came well below Street estimates as well.

Note that the massive surge in GameStop stock this year is not backed by fundamentals per se. In fact, Michael Pachter – a Wedbush Securities analyst recommends caution since shares of the company based out of Grapevine, Texas could crash to $5.0 in the coming months ( read more ).

The New York listed firm does not currently pay a dividend either. So, that side of its story is not particularly exciting either.

The post GameStop stock opened 45% up on Monday: here’s why appeared first on Invezz


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