GameStop (NYSE: GME ) stock got a major boost in May from the return of Roaring Kitty, who was an instrumental figure in the 2021 meme stock rally. Indeed, GME notched a new 52-week high of $64.83 earlier this month but is now trading in the low $20 range, reflecting a drop of more than 65%.
On May 28, GameStop (NYSE: GME ) stock gained 25% after selling 45 million shares under its at-the-market program, raising $933 million. The company plans to use the proceeds for general corporate purposes.
After being quiet for a few years, meme stocks to buy are back because of all the excitement over the return of “Roaring Kitty” and his first social media post in almost three years, which sent GameStop's (NYSE: GME ) stock price up by as much as 110% before leveling off, sparking interest in buying meme stocks again. Along with GameStop, other meme stocks to buy are also up sharply, like AMC (NYSE: AMC ).
Not long ago, GameStop (NYSE: GME ) stock soared and then tanked on the meme-stock waves. A company that went along for the ride was CytomX Therapeutics (NASDAQ: CTMX ), as CytomX Therapeutics stock took a round trip from $1.80 to $5.80 and back.
The recent rise in GameStop (NYSE: GME ) shares was short-lived and proved once again that this is a meme stock investors shouldn't trust. Earlier in May, video game retailer GameStop's stock rose 20% on news that Keith Gill, aka “Roaring Kitty,” had returned to social media after a three-year absence.
Shares of GameStop NYSE: GME are set up to rocket higher again, but the move won't last because of why it is moving. GameStop announced a share sale that has increased its capital but diluted its value.
It looks like the effects of the return of Roaring Kitty are still lingering, as GameStop (NYSE: GME ) stock is up by 20% following the completion of its $933.4 million at-the-market (ATM) offering, equivalent to 45 million shares. The offering was announced on May 17.
The 2024 meme stock rally still has some gas left in the tank, as GameStop shares surged again Tuesday after the video game hawker translated the social media-driven stock market gains into a boatload of cash.
Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. For most retail traders, the change is expected to be seamless.
GameStop (GME) jumped more than 25% in premarket trading on Tuesday after the video game retailer said it successfully sold 45 million shares worth roughly $933.4 million, helping it to capitalize on a recent rally in its shares.
Late Friday, GameStop said it had sold 45 million shares, bringing in slightly more than $933 million.
Stock trading influencer Roaring Kitty — real name Keith Gill — made a sudden return on social media after a three-year silence. Gill dropped from social media in the aftermath of 2021's GameStop (NYSE: GME ) event, where institutional investors who shorted GME suffered major losses after retail investors bought it in droves.