GameStop Corporation (NYSE:GME) shares are surging Thursday after Roaring Kitty (aka Keith Gill) posted a new tweet signaling his return to social media.
What Happened: The X account of Roaring Kitty, which has 1.6 million followers, posted a new image that has the financial world buzzing, after the investor's previous return this year saw shares of meme stocks surge.
The picture shows a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20. While 420 is easily recognizable in internet culture, the 1:09 could potentially point to Jan. 9 or something else.
The GameStop short squeeze began in January 2021 and was one of the biggest financial events of that year.
The message of Time could suggest that investors have time to buy GameStop or another stock ahead of a key event. The image of a computer or the video could suggest that GameStop is getting more involved in video, or point to another company.
Images and posts from the account have provided clues to past investments, and they will be heavily investigated over the coming days.
Past tweets from Roaring Kitty have led to high volatility for stocks like GameStop and Chewy Inc (NYSE:CHWY) with the investor previously disclosing a large stake in the pet care company. This marks the first tweet from Roaring Kitty since September.
A filing earlier this year showed that Gill had sold his stake in Chewy, prompting speculation that he could be buying GameStop shares once again.
Read Also: GameStop Q2 Earnings Highlights: Revenue Miss, EPS Beat, Cash Update And More
What's Next: Tweets from the Roaring Kitty account have sometimes been followed by a series of memes and videos this year. Investors will be closely watching the X account to see if follow-up posts are made.
GameStop reports third-quarter financial results next week on Tuesday, Dec. 10, after market close.
Analysts predict the company will post a loss of $0.03 per share, compared to breaking even ($0.00 EPS) in the same quarter last year, according to data from Benzinga Pro. The company has beaten analyst earnings per share estimates in three of the last five quarters.
Analysts expect GameStop to report third-quarter revenue of $887.7 million, down from last year's $1.08 billion in the third quarter. The company has missed analyst revenue estimates in four of the last five quarters.
GME Price Action: GameStop stock is up 7.9% to $29.18 at the time of publication Thursday versus a 52-week trading range of $9.95 to $64.83. GameStop stock is up 70% year-to-date in 2024.
Read Next:
Photo: Shutterstock
