GameStop stock made another massive jump on Thursday after meme trader Keith Gill, known online as Roaring Kitty, scheduled a YouTube livestream for Friday.
Gill on Thursday scheduled a "Roaring Kitty Live Stream" for June 7 at 12 pm ET, during which meme traders believe he will discuss his position in GameStop stock. The YouTube stream will be Gill's first in over three years. Gill regularly posted videos and hosted streams online detailing his thoughts on different stocks - particularly the GME short squeeze - during the meme stock rally in 2020 and 2021.
Gill contends that his YouTube channel is for educational and entertainment purposes only. In the video descriptions, he writes that he does not provide personal investment advice or stock recommendations during the stream. For the June 7 stream, Gill discouraged investors from piling on to his GameStop position.
"Please understand that my style of investing is extremely aggressive and I take on a substantial amount of risk. It's likely my approach would not be suitable for you," Gill wrote in the video description. "If you're seeking personalized advice, I encourage you to sit down with a financial professional."
More than 13,800 people queued up for the June 7 video as of Thursday afternoon with 20 hours until the livestream starts.
GameStop Position Under Scrutiny
Gill revitalized meme stocks in early May after returning to social media with a series of posts on X on May 12, implying he's back and trading again. The former financial broker and analyst was one of the key drivers for the GameStop short squeeze in 2020 and 2021. He was eventually called to testify in front of the House Financial Services Committee in February 2021 regarding a probe on potential market manipulation.
The entire short squeeze saga was detailed in the movie "Dumb Money."
Gill on Sunday appeared to post a screenshot of an E-Trade account showing a $181.4 million position in GameStop stock and options to Reddit. However, it is unclear if it is Gill himself posting to the account. The latest Reddit post was made to r/Superstonk rather than r/wallstreetbets, where he posted his GME stock updates during the 2021 meme rally.
GameStop stock rallied on Monday following the investment update. Gill's June 3 update after market close showed his GameStop position ballooned to $260 million.
But Morgan StanleyMS-owned E-Trade is considering kicking Gill off its platform due to concerns of potential stock manipulation, the Wall Street Journal reported late Monday citing unnamed sources. Morgan Stanley's global financial crimes unit and external counsel reportedly began discussions about if Gill's recent actions were legal and if the firm should cancel his E-Trade account, according to reports. But some Morgan Stanley employees are concerned that backlash could result in losing E-Trade clients.
Meanwhile, the Securities and Exchange Commission has been reviewing trading activity for GameStop call options around the timing of Gill's social media posts to determine if they could be considered manipulation, the WSJ reported.
GameStop Stock
GME shares leapt 47.5% Thursday after the announcement. The New York Stock Exchange halted trading on GameStop stock multiple times Thursday afternoon amid the rally.
GameStop stock has doubled this week as shares vaulted about 101%. GME shares careened up nearly 165.5% in 2024.
Elsewhere, GameStop reports Q1 earnings on June 11. The company on March 17 released preliminary results, which estimated revenue will fall short of FactSet forecasts.
Fellow meme stock AMC Entertainment jumped 12.4% Thursday. AMC stock rallied about 34% this week. Still, shares of the theater chain are down 5.4% on the year.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
