GameStop stock: GME share price surges again as Keith Gill aka Roaring Kitty announces YouTube livestream

GameStop stock (GME) has surged again today following news that a YouTube account linked to investor Keith Gill, known as "Roaring Kitty," had announced a livestream scheduled for Friday (7 June) at 5pm BST.

The video game retailer's shares jumped 33% in pre-market trading, building on a 47% increase during Thursday's trading session.

GameStop is a US-based retail chain specialising in video games, and one of the largest video game retailers globally, operating thousands of stores across various countries.

In 2021, its stocks experienced a phenomenon that captivated financial markets known as the "GameStop short squeeze." The stock's price skyrocketed unexpectedly, driven largely by activity from hobbyist investors on platforms like Reddit.

Ahead of its value rising, GameStop was seen as struggling, with the rise of digital downloads and online gaming platforms reducing the demand for physical video game retail stores.

Read more: When is UK retailer Game closing reward card scheme - and deadline to redeem points

GameStop's sales had been declining as physical video game sales decreased, a decline which was exacerbated by the Covid-19 pandemic, which led to temporary closures of stores and disrupted retail operations.

Gill and his online Roaring Kitty persona played a significant role in the story. He believed that GameStop's stock was undervalued by the market, and that despite the challenges facing the company, there was potential for GameStop to turn around its business.

Gill became widely recognised for his analysis and bullish views on GameStop, and his posts and videos gained a massive following, attracting other investors to buy GameStop stock, which caused its price to surge rapidly.

What’s happening now?

GameStop's stock has been volatile lately as Gill became more active on social media.

After markets closed on Thursday (6 June), Reddit user “DeepF***ingValue”, previously linked to Gill, shared a screenshot showing their portfolio at $586 million, including GameStop stock and options positions.

Earlier this week, the same user disclosed a $175 million investment in GameStop, which at the time was valued around $210 million, driving up shares.

On Monday (3 June), the Wall Street Journal reported that Morgan Stanley's E-Trade platform was considering closing an account linked to the screenshot, causing GameStop shares to drop about 5% the next day.

In mid-May, GameStop rallied 180% over two days after "Roaring Kitty" posted on X, formerly Twitter, for the first time since 2021.

However, last month's rally was short-lived, and analysts cautioned that the current meme stock activity lacks the retail investor interest seen in 2021.

How can I watch Roaring Kitty live stream?

Friday's livestream will mark Gill's first appearance since the meme stock rally of 2021.

Roaring Kitty’s upcoming planned livestream can be watched through YouTube. It is scheduled to go live at 5pm UK time. The channel has over 730,000 subscribers.

"The Roaring Kitty channel and live streams are for educational and entertainment purposes only. I don't provide personal investment advice or stock recommendations during the stream," read the YouTube account's description.