GameStop, AMC shares continue moonshots amid meme stock revival

The reemergence of Keith Gill, the man behind “Roaring Kitty” and one of the traders that drove the meme stock craze back in late 2020-2021, has sent shares of GameStop (GME) and AMC Entertainment (AMC) soaring. The revival of the meme stock mania also sent shares of SunPower (SPWR), one of the most shorted stocks on Wall Street, Plug Power (PLUG) and several other names higher as retail traders seem to be spurred by the return of Gill to social media following a three-year hiatus.

MEME STOCK REVIVAL: Keith Gill, known as “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit, has returned to social media for the first time since 2021, with a post on X, formerly known as Twitter. The trader published on Sunday an image that depicts a man sitting forward in his chair, a meme used by gamers to indicate things are getting serious.

The return of the former marketer credited with sparking the 2021 meme stock rally sent the shares of GameStop soaring on Monday, with the rally continuing through Tuesday as the stock hit as much as 113% in morning trading. AMC, another meme stock, and Reddit (RDDT) are also rocking higher.

The retail investor activity spurred by the cryptic return of “Roaring Kitty” has pushed other names higher as well this week. Among those are SunPower, which has been one of the most shorted stocks on Wall Street, Plug Power, BlackBerry (BB), Lucid Group (LCID), Koss Corp. (KOSS), and Virgin Galactic (SPCE).

Meanwhile, popular memecoins Dogecoin and Shiba Inu have also jumped amid this week’s meme stock revival.

PRICE ACTION: In Tuesday morning trading, shares of GameStop have jumped about 82% to $55.52, while AMC’s stock has soared almost 94% to $10.06.