GameStop shares halted multiple times as Roaring Kitty returns to social media

By:
on May 13, 2024
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  • Shares skyrocketed to $31.70, up 81.6%, prompting trading pauses amid increased interest and volume.
  • This level marks the highest for GameStop since last July.
  • GameStop's recent surge has analysts and investors closely watching for updates.

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GameStop shares experienced a whirlwind of activity in early Monday trading, resulting in the stock being halted three times due to significant volatility.

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The shares, which spiked to $31.70 each—an 81.6% increase—saw these pauses as traders and algorithms reacted to a sudden surge in interest and trading volume.

This level marks the highest for GameStop since last July, reigniting memories of the meme stock mania that captured market attention in 2021.

The return of a meme stock icon

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The frenzy was kicked off by Keith Gill, better known by his online moniker Roaring Kitty, who was instrumental in the 2021 rally that put GameStop and other meme stocks in the spotlight. Gill posted for the first time in three years on his verified X social media account on May 12.

The post, featuring an image of a man leaning forward in a chair, was interpreted as Gill’s re-engagement with the market.

Though the post contained no text or specific stock mentions, the timing and Gill’s previous advocacy for GameStop led many to connect the dots back to the video game retailer.

Market impact and investor sentiment

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The multiple trading halts on the New York Stock Exchange point to the continued sensitivity and reactivity of the market to movements by influential figures in the meme stock phenomenon.

Gill’s post, although cryptic, was enough to drive a significant reaction from both retail and institutional investors, reflecting the ongoing volatility and speculative interest surrounding stocks like GameStop.

This resurgence of activity around GameStop has prompted market analysts and investors to closely monitor the stock for further developments.

The overall number of social media posts mentioning GameStop has increased by 6% over the past 24 hours, according to AI analysis platform Signm, with a neutral average post sentiment across X/Twitter and Reddit.

With the memory of past disruptions caused by meme stock trading still fresh, the financial community remains cautious about the potential implications of this renewed interest and the stability of market movements influenced by social media.

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