GameStop Stock Rising Again Even With Roaring Kitty MIA – Decrypt

GameStop’s stock has seen an impressive rally, rising about 8% over the past week to a current price of about $26.00, outperforming the overall market, led by the Nasdaq’s more modest 0.43% gain.

While the recent rally is much more moderate than some of the spikes GME has experienced in recent months, it is happening while outspoken investor and trading influencer Roaring Kitty (aka Keith Gill, known on Reddit as DeepFuckingValue) is still flying under the radar.

Roaring Kitty was the trader behind GameStop’s famous “meme stock” surge in early 2021, forcing a short squeeze that resulted in billions of dollars’ worth of losses for hedge funds that had been shorting shares of the longtime video game retailer.

Gill disappeared from the internet for three years, but reappeared in May of this year and resumed tweeting, causing GME shares to soar. In June, he held his first live stream since 2021, revealing that he had increased his holdings of GME shares to about 9 million shares (currently worth $233 million), further boosting the momentum.

But he’s been largely silent online for nearly a month now, after posting a single tweet of a cartoon dog that sent shares of pet supply retailer Chewy and other related stocks soaring almost immediately. Gill later revealed that he’d bought up 9 million shares of Chewy, essentially the equivalent of GME’s holdings.

GameStop’s latest price increases come as the company announced new efforts in the collectibles market amid a lack of top influencers driving up prices, signaling a strategic shift beyond its traditional focus on video game retailing.

Earlier this week, GameStop Announced A cash prize valued at $25,000 for a specific collectible: a hard-to-find, one-of-a-kind black Lionel Messi parallel sticker from the 2024 Panini Copa America collection.

The company has strict standards for its bounties, requiring stickers to earn a Professional Sports Authentication Agency (PSA) grade of six or higher. This unique promotion is scheduled to run until the end of 2024, providing collectors with several months of hunting excitement.

This latest announcement is part of GameStop’s broader strategy to expand its market presence beyond video games, accessories and collectibles.

GameStop is trying to position itself at the intersection of sports and collectibles fanaticism by capitalizing on the frenzy surrounding Lionel Messi, particularly after his high-profile transfer to Major League Soccer’s Inter Miami.

A move into graded sports cards and rare collectibles would represent a major diversification for the retailer, potentially opening up new revenue streams and customer bases. This could also work as a marketing ploy, drawing attention to GameStop’s evolving business model and ability to adapt to changing consumer interests.

Editor: Andrew Hayward