Jun 3, 2024
Hot Stocks 🔥

GameStop Stock Jumps By 105% Before Falling | Nemo

Name of opportunity: 👀

GameStop Corp

Rollercoaster: 🎢

The stocks influencer Keith Gill who posts as ‘Roaring Kitty’ indicated in a Reddit post on Sunday that he owned 5 million shares in GameStop. The screenshot Gill shared also included US$65.7m call options with a US$20 strike price to be sold by 21 June. He has not responded to requests for comment or confirmed that the screenshot shows his holdings - however, since the post was shared, GameStop stock soared by 105%, before wiping out most of its gains, now up 25% at the time of writing.

How hot is this investment opportunity? 🔥

Some analysts say fast-moving investors who are confident navigating the stock market might still be able to make some profits on this volatile stock, but overall, the verdict is ‘Sell’ - in general, it’s believed that the rapid rise in value of this stock is not likely to be sustainable. The stock’s recent increase in value has little to do with the company’s actual financial position, analysts say.

Analysts predict that the value of GameStop will drop again in the next 12 months, from $31.06 down to $6.38 - a decrease of 84.59%.

Everyone’s shouting about it: 📢

GameStop is perhaps the most famous ‘meme stock’ of all time. It was immortalised in the 2023 movie Dumb Money, which tells the story of the events of 2021 when retail investors like Roaring Kitty had a massive effect on the value of the company’s shares. You can read our previous Hot Stocks story on GameStop here

Which neme?: 🔍

‘Meme Stocks’, ‘What Analysts Say’, ‘Gaming’, and ‘Top Stocks on X/Twitter’ 

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Han Tan

Han Tan is a seasoned financial journalist and news presenter renowned for his expertise in global markets. With a career highlighted by interviews with prominent figures and recognition from major media outlets like CNN and Reuters, he delivers insightful analysis on market news and macroeconomic trends to clients and international audiences. Han's sharp commentary on currencies, stocks, and commodities is familiar to viewers of Bloomberg TV Malaysia, BFM 89.9, and NTV7, cementing his sterling reputation in the industry.