Influential trader and analyst Keith Gill, also known as Roaring Kitty, said Friday he is still a “believer” in GameStop Corp. It was Gill’s first YouTube livestream in three years.
The event wasn’t enough to give GameStop shares another boost, however, as they ended Friday’s session down 39% to record their worst single-day performance since February 2021, according to Dow Jones Market Data. The stock still ended the week 22% higher after racking up sizable gains in three of the five trading sessions.
The Roaring Kitty video stream has generated plenty of buzz. GameStop shares traded in whiplash mode Friday — there were seven halts before the livestream started, and another 10 after 12 p.m. Eastern time, when the stream was scheduled to start.
The livestream kicked off late, at around 12:25 p.m., with a montage of cat videos and a lengthy disclaimer before Gill appeared, superimposed on a GameStop price chart.
Gill was bandaged and wearing a splint, which he went on to describe as a joke. “It’s been a crazy few years, [and] it’s been a crazy couple of months, too,” he said.
“Yeah, bonkers,” he added.
“This is me — I’m not AI, either,” Gill said. “I am the one active on my accounts, of course.”
The trader discussed what he described as an “overemphasis” on GameStop’s legacy business. “They are in the transformation stage,” he said, before talking about GameStop Chief Executive Ryan Cohen. “I believe this guy — he might be able to do it,” Gill added.
Cohen was named GameStop CEO in September 2023, marking the latest chapter in his attempt to breathe new life into the company. In December, GameStop’s board of directors approved a new investment policy, permitting the company to invest in equity securities, among other investments. The board gave Cohen the authority to manage the investment portfolio.
GameStop announced layoffs earlier this year as the company looks for a profitability boost.
“I put myself in his shoes, and he seems to be taking the right approach,” Gill said. “Now it’s all about the transformation. That cash pile is growing.”
“It becomes kind of a bet on the team,” he added. “I am a believer.”
Gill, clearly enjoying himself on the stream, cited the recent flood of memes sent from his Twitter account. “I hope that you think some of them were funny,” he said, describing himself as a “professional larker.”
The trader also read a handful of comments from viewers of the video stream. “Do I have a lawyer in the room?” he said, laughing. “No, but maybe I should.”
He also brandished props, including an 8-ball and the Uno “reverse” and “wild” cards. “I don’t think 8-ball constitutes advice,” he laughed.
The livestream ended after almost 51 minutes. “I’ll see y’all around! Adios! For real — peace!” Gill said.
Subscribers to the Roaring Kitty YouTube channel jumped from 714,000 Thursday to 924,000 by Friday afternoon.
Gill was a pivotal figure in the 2021 meme-stock frenzy, and his return to social media last month sparked a new rally that lifted GameStop and AMC as well as a number of other stocks.
Last month’s rally eventually cooled, before shares of GameStop surged again this week after a Reddit post on Sunday from an account associated with Gill that appeared to show him holding a big stake in the videogame retailer. A subsequent screenshot posted Monday showed Gill holding on to that position.
In a surprise move, GameStop announced its first-quarter results before the opening bell Friday, reporting a sharp decline in revenue. Separately, the company said in a filing that it is selling more shares. GameStop had previously said that its first-quarter results would be announced on June 11.
On Tuesday, a spokesperson for Massachusetts Secretary of State Bill Galvin told MarketWatch that the state’s securities division was “looking into” Gill’s trading activities.
Citing people described as familiar with the matter, the Wall Street Journal reported this week that the Securities and Exchange Commission has been reviewing trading in GameStop call options around the time of the social-media posts from Gill. However, it could not be determined if the SEC was reviewing Gill specifically, according to the Journal.
Gill has not yet responded to requests for comment on the Massachusetts probe or the SEC’s reported trading review.
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