GameStop has once again become a hot topic on Reddit’s WallStreetBets page, with mentions of the video game retailer topping 900 in the last seven days. GameStop surpassed Nvidia to become the second-most referenced equity, behind the SPDR S&P 500 ETF Trust. On Monday, GameStop was the most talked about equity on WallStreetBets, with more than 700 mentions in the last 24 hours. This surge in discussion coincided with the return of “Roaring Kitty,” also known as Keith Gill, who helped catalyze the GameStop stock craze in 2021.
Roaring Kitty posted for the first time in nearly three years on Sunday, sharing a picture of a video game player leaning forward in his chair, suggesting he is taking the game seriously. This post quickly received around 80,000 likes and was followed by additional posts featuring clips from popular TV shows and movies. Reddit users shared screenshots of their GameStop positions following Roaring Kitty’s return, although some posts on the topic were being filtered out. One user shared a screenshot of GameStop’s intraday chart with the caption, “Oh we are so back.”
GameStop shares soared in Monday’s session and were halted several times due to volatility. The so-called meme stock was up nearly 70% in 2024 following Monday’s rally. The resurgence of interest in GameStop on WallStreetBets is reminiscent of the frenzy that occurred in early 2021 when the stock saw massive price spikes driven in part by retail investors on social media platforms like Reddit. The return of Roaring Kitty has reignited enthusiasm for the stock among some online communities.
The impact of social media on stock prices has been a topic of debate, with some investors praising the democratization of information and trading opportunities while others warn of the risks associated with following online forums for investment advice. Retail investors have increasingly influenced stock prices through coordinated buying efforts on platforms like Reddit’s WallStreetBets, challenging traditional Wall Street norms and causing volatility in certain equities.
GameStop’s rollercoaster ride in the stock market has captured the attention of both retail and institutional investors, with the stock becoming a symbol of the power of online communities to move markets. The return of Roaring Kitty to the online discussion has once again put GameStop in the spotlight, driving up the stock price and sparking renewed interest in the company among traders. As GameStop continues to attract attention on social media and in the financial markets, the debate over the impact of online forums on stock prices is likely to persist.
