Shares of GameStop Corporation GME are volatile on the news an increased investment by Roaring Kitty and his planned return to YouTube on Friday.
New polls by Benzinga show optimism for shares ahead of the highly anticipated livestream.
What Happened: Roaring Kitty, aka Keith Gill, increased his investment in the video game retailer this week. The position was valued at over $500 million at market close Thursday.
The popular GameStop investor shared a countdown to a livestream on YouTube with a video titled "Roaring Kitty Live Stream – June 7, 2024" set to start at noon ET Friday.
The video will mark the return of Roaring Kitty on the platform after three years.
While the Roaring Kitty account on X has posted several memes and videos in recent weeks, Gill has not publicly shown his face, leading to some skepticism that it is in fact him behind the posts and the new investment.
Benzinga polled its followers on social media to find out if investors are buying shares of GameStop ahead of the livestream.
"Are you buying $GME before tomorrow's Roaring Kitty livestream?" Benzinga asked.
The results are:
54.3% Yes
45.7% No
A slight majority of those polled were buying GameStop shares ahead of the Friday livestream.
Benzinga also asked its followers for predictions on the price of GameStop shares Friday. It’s unknown how long Roaring Kitty will livestream and what he plans to cover.
"What price do you think GameStop will be at when Roaring Kitty's YouTube livestream ends on June 7?"
The results are:
Below $35: 14.6%
$35.01 to $45.00: 3.9%
$45.01 to $50.00: 7%
$50.01 or Higher: 74.6%
A large majority of nearly 75% of those polled believe GameStop shares will be trading above $50 when the livestream ends.
Related Link: Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?
Why It's Important: GameStop shares closed 47% higher at $46.55 on Thursday and rocketed higher to over $60 in the after-hours trading session.
On Thursday over 12,000 people were waiting for the livestream 20 hours before it was set to begin. At the time of writing, with less than two hours to go until the livestream, there are 57,000 viewers waiting for the video.
Shares of GameStop lost some momentum Friday after the company announced first-quarter financial results and announced an at-the-market offering to sell up to 75 million shares.
This marks the second share offering since the return of Roaring Kitty on social media. The company sold 45 million shares in May.
GME Price Action: GameStop shares are down 23% to $35.75 on Friday versus a 52-week trading range of $9.95 to $64.83.
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
