• Roaring Kitty's Social Media Sway Ignites Meme Stock Frenzy

  • Dec 24 2024
  • Length: 3 mins
  • Podcast

Roaring Kitty's Social Media Sway Ignites Meme Stock Frenzy

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  • Summary

  • In the realm of meme stocks, the recent activity has been driven significantly by the influence of Keith Gill, known as Roaring Kitty, and the buzz around certain thematic trades.

    Roaring Kitty's return to social media in May 2024 reignited interest in original meme stocks such as AMC Entertainment and GameStop. His posts and actions have consistently sparked significant price movements in these stocks. For instance, GameStop shares surged nearly 100% in a two-day period in May following Gill's tweets, catching short sellers off guard and resulting in substantial losses. More recently, Gill's cryptic posts on X have continued to drive speculation; his latest post on December 5, featuring a fake TIME Magazine cover, led to a 14% jump in GameStop shares and a 13% surge in AMC Entertainment shares, although these gains were later pared down.

    GameStop has also seen notable movements due to its financial reports. Despite falling sales, the company reported a surprise third-quarter profit, which boosted its stock price. However, analysts remain skeptical about GameStop's ability to return to profitability in its core business.

    Another stock that has been in the meme stock spotlight is Chewy Inc., an online pet retailer. Roaring Kitty's involvement with Chewy has highlighted the company's strong fundamentals, which have attracted positive attention from analysts. Chewy's stock is up 35.3% in 2024, and it has received price-target increases from several major financial institutions. Bank of America has even listed Chewy among its top 2025 stocks in global e-commerce.

    In addition to these specific stocks, the broader market has seen other significant events. The presidential election has led to "Trump trades," with stocks like Trump Media & Technology Group Corp. and Phunware Inc. gaining attention around the election.

    On the regulatory front, the crypto market has seen a boost following the announcement that Trump named crypto backer Paul Atkins to lead the Securities and Exchange Commission. This move has fueled investor expectations of a more crypto-friendly environment, leading to a 40% gain in bitcoin since the election.

    In summary, the meme stock landscape remains highly volatile and influenced by social media activity, particularly from key figures like Roaring Kitty. Stocks such as GameStop, AMC, and Chewy continue to see significant price movements driven by retail investor interest and speculative trading.

    Thank you for listening to the MEME Stock Tracker podcast. Don't forget to subscribe for the latest updates and insights into the dynamic world of meme stocks.
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