GameStop rallies again, this time without RoaringKitty

3:53 PM • May 31, 2024

GameStop stock has jumped nearly 30% and is currently trading at just under $22 — and this time without any help from RoaringKitty.

Its price has been on a rollercoaster in recent weeks, rising from $10 to nearly $65 and back down to $17 in a month. Its current price puts it almost 30% off its recent lows.

So, what is the reason for the boost? On Friday the video game retailer announced that it had earned nearly $1 billion dollars from its at-the-market equity offering program, which should help the company pursue growth options, complete acquisitions, or even do stock buybacks.

Additionally, the ATM equity offering provides it with a bigger cushion of cash in the short term. It only reported $1 billion worth of cash and cash equivalents on May 17.

Opinion: Roaring Kitty looks to have returned as a pump-and-dumper

Gill’s gone but GME meme lives on

Keith Gill started posting on his years-dormant X (formerly Twitter) account on May 12, never saying a word but posting hundreds of memes and gifs over a five-day period. The retail investor, whose claim to fame was hours-long livestreams in which he’d discuss his GameStop long thesis on YouTube, was both celebrated and ridiculed for his vague return.

Since then Gill has again gone radio silent, never returning to any of his other social media accounts.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.