KOSS - Meme Stocks GME AMC KOSS Surge as Roaring Kitty Lights New Fire
2024-06-03 10:19:11 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Roaring Kitty, real name Keith Gill — the well-known Reddit user who helped ignite the 2021 short squeeze of GameStop (NYSE: GME ) stock — is sparking interest in meme stocks again today. Last night, Gill shared a post on Reddit which appears to show that he now owns 5 million shares of GME stock .
As of this writing, GameStop stock is rocketing 25% higher, although it was up 75% earlier today. A number of other meme stocks are also climbing on the news.
Roaring Kitty’s Latest Moves
Assuming that the screenshot is accurate, Keith Gill owns more than $100 million of GME stock at current prices.
Last month, Roaring Kitty sparked a rejuvenation of meme stocks by posting on social media for the first time in about three years. His initial post showed a man holding a game controller while leaning forward in a chair. Roaring Kitty later added more posts which indicated he was making a comeback.
Many meme stocks rallied for several days following Roaring Kitty’s reemergence, only to subsequently lose most of the ground they had gained.
Back in May, GameStop also exploited the rally of GME stock by selling additional shares for more than $930 million.
Now, though, a number of other meme stocks are advancing this morning in the wake of Roaring Kitty’s latest post. Specifically, AMC Entertainment (NYSE: AMC ) stock is advancing over 10% while Koss (NASDAQ: KOSS ) stock is up about 4%
GameStop Expects Weak Q1 Revenue
On May 17, GameStop announced that it expects to generate first-quarter net sales of $872 million to $892 million. That was well below the average analyst estimate of $1.05 billion at the time. Additionally, the video game retailer expects to report a Q1 net loss of between $27 million and $37 million. In Q1 2023, the firm’s net loss came in at $50.5 million.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.
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