GameStop (GME) has been one of the most recognizable meme stocks in the U.S. It was a favorite stock of small-time and more prominent retail traders based their stock trading on social media influences, groups, and more. The company reported losses in its recent quarter. Keith Gill, also known as Roaring Kitty, rambled on a live stream on social media about GameStop. However, the stock was volatile, and shares fell by more than 40 percent during Gill’s livestream. CWEB analysts have analyzed the stock.
GameStop posted worse-than-expected results early on Friday in a surprise move. The quarter results were expected to be posted on Tuesday, June 11. Still, they were posted early after Keith Gill, known as Roaring Kitty, an online trading influencer, announced that he would livestream his comments on the meme stock on Friday.
GameStop’s net sales of $881.8 million were disappointing and well below analysts’ expectations of $900 million to $1.09 billion, as per FactSet. The dismal results caused GameStop’s stock to plunge deeply. It also announced a plan to sell an additional 75 million shares, which could also have contributed to the stock crash.
Keith Gill returned to social media in May 2024 after a three-year break. His livestream was rambling and factual. He reportedly posted a screenshot of his losses in millions of dollars, as the stock was volatile during his livestream.
About 600,000 people were online at a given point while he was live streaming, and the numbers reportedly averaged 400,000. Keith Gill told his web fans he still has faith in GameStop, led by CEO Ryan Cohen. Cohen is a founder of the successful company Chewy. During his long live stream, Keith Gill also said that trading is risky and more.
CWEB analysts believe that all meme stocks are a form of high-stakes gambling, whether it is GameStop AMC or any other stock or crypto coins that investors can pump and dump. Holding on to such stock is always a considerable risk. The stock can rise and fall within minutes, hours, and days. Both buying and selling the task have a fair amount of risks.
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