GameStop’s stock has skyrocketed over 70% as retail investors rally behind the “Roaring Kitty” revival, reigniting the meme-stock bonanza. The unexpected surge comes after the popular Reddit forum WallStreetBets once again fueled excitement around the struggling video game retailer. With GameStop’s shares surging, investors are closely watching the volatile Market for potential gains.
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GameStop stock (GME) saw a massive surge on Monday, jumping as much as 110% before settling with a 75% gain by the end of the day. The volatility led to several halts in trading, with “Roaring Kitty,” also known as Keith Gill, making his first online post since 2021. Gill gained fame for his bullish stance on GameStop, becoming a prominent figure on WallStreetBets and YouTube.
The latest surge in GameStop shares comes amidst a broader rally in meme-related stocks, with AMC and Trump Media & Technology also seeing significant gains. Short sellers are feeling the pressure, with GameStop shorts down significant amounts in May alone.
Despite the meme stock frenzy, analysts like Ihor Dusaniwsky believe that this surge may indicate a healthy appetite for risk in investments, rather than a concerning Market signal. The recent rally in meme stocks seems to be catching the attention of both retail traders and Wall Street alike.
It will be interesting to see how these meme stocks perform in the coming days and whether the trend will continue. Stay tuned for the latest updates on the stock Market news and analysis on Yahoo Finance.
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1. Why is GameStop stock soaring over 70%?
GameStop stock is soaring because of renewed interest from investors, driven in part by a revival of interest in the stock from popular retail investor ‘Roaring Kitty.’
2. Who is ‘Roaring Kitty’ and why is he important to GameStop stock?
‘Roaring Kitty’ is a popular retail investor who gained fame for his early support of GameStop stock during the meme-stock frenzy earlier this year. His continued interest in the stock has helped reignite interest from other investors.
3. Should I buy GameStop stock now?
As with any investment, it is important to carefully consider your financial goals and risk tolerance before deciding to invest in GameStop stock. It is always a good idea to do thorough research and consult with a financial advisor before making any investment decisions.
4. What is a meme stock?
A meme stock is a stock that becomes popular among retail investors, often driven by social media hype and memes. GameStop became a famous meme stock earlier this year when it saw a massive increase in its stock price due to a short squeeze orchestrated by retail investors on Reddit.
5. What is driving the current surge in GameStop stock?
The current surge in GameStop stock is being driven by a combination of factors, including renewed interest from retail investors, positive sentiment from ‘Roaring Kitty,’ and potential short squeezes from hedge funds who have bet against the stock.
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