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(Reuters) – Shares of GameStop and AMC soared in premarket trading on Wednesday, continuing this week’s rally that began after “Roaring Kitty” Keith Gill, a central figure behind the stock frenzy memes of 2021, resurface on social networks.
“Roaring Kitty,” Gill’s online persona, shared a clip from the movie “Braveheart” at 8 p.m. ET on social media platform to William Wallace, he shouts. “freedom”.
It’s the first time Gill has mentioned a company name this week, after his return to X after a three-year gap sparked a rally in meme stocks reminiscent of the retail trading frenzy of 2021.
His YouTube streams and a series of posts by Reddit username DeepF***ingValue helped draw a flood of retail cash into GameStop in 2021, burning through hedge funds that had bet against the company.
The AMC movie theater chain soared 18% on Wednesday, after rising 135% in the last two sessions, while the video game retailer GameStop jumped 19% after reaching its highest level since June 2021 on Tuesday.
Posts hinted that Gill was beginning to return to action, although it was not immediately clear what he would do next. Gill did not respond to Reuters’ request for comment.
Roaring Kitty’s return is “provoking big conversations in chat rooms about what she may have up her sleeve,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“This is a trend driven by entertainment rather than company fundamentals…stocks that soar on pure speculation tend to fall back to earth very quickly.”
(This story has been refiled to correct the spelling of ‘GameStop’ in the title and paragraph 5)
(Reporting by Alun John and Medha Singh; Editing by Amanda Cooper and Varun HK)
