Meme stock retail trader Keith Gill, who goes by ‘Roaring Kitty,’ kicked off his highly anticipated YouTube livestream on Friday by telling nearly 600,000 viewers why he continues to bet big on GameStop.
“It becomes a bet on the management” of GameStop — particularly on CEO Ryan Cohen “and his crew” — during the “transformation stage” that he believes the video game retailer has entered.
“That’s probably going to be an ongoing debate as to how people feel about him, whether he can successfully transform that business,” the meme stock retail trader said, cracking jokes here and there. He also reminded his viewers to “make your own decisions.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 28.24 | -18.18 | -39.16% |
GameStop shares, which were lower ahead of the livestream, closed down 39% to $28.22 per share, prompting several trading halts during his remarks.
Still, the stock has advanced over 200% this quarter alone after Gill returned to social media following a three-year break, hyping up the company’s retail investors.
“I’m not promising anything, but over the long term here, I think he seems like the type of guy,” Gill added of Cohen. “He seems like he has those characteristics in the way he approaches this, seems like he might be able to do this but, again, that’s not a guarantee.”
Cohen, who founded pet supply website Chewy, took the helm of the struggling video game retailer in late September 2023.
Gill, donning a fake head bandage and sunglasses, also argued GameStop was in a “highly unusual position” due to the support it has from retail investors.
“I’m a believer right now, but let’s see, though, three years, four… Let’s see what happens from here,” he said later in the livestream. “But I think with a significant amount of capital, I don’t know, I think I—let’s see where it goes from here.”
GameStop did not immediately respond to FOX Business’ request for comment.
Earlier in the day, GameStop said it saw net sales of $881.8 million and a net loss of $32.3 million for the first quarter. The former represented a year-over-year decline of 28.7%, while the latter was an improvement.
The retailer reported $1.083 billion in cash, cash equivalents and marketable securities.
Other meme stocks like AMC Entertainment and Blackberry also saw quite a bit of movement in the wake of Gill’s livestream.
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