Keith Gill, better known as “Roaring Kitty,” made his livestream return, reaffirming his beliefs in GameStop (GME) after spearheading the 2021 short squeeze. Head Moderator of Reedit’s WallStreetBets Noor Al and Stocktwits Head of sector Research Tom Bruni join sector Domination to discuss Roaring Kitty’s return and what it means for the meme stock.
“If you’re a trader, then you love this volatility. If you’re in it for the long haul, then you’re super excited that GameStop now has $5 billion or will have $5 billion of cash on hand. So either way, it’s a win,” Al says. He adds that Roaring Kitty’s livestream was “completely on brand for who he is. We saw the exact same authenticity that we did three years ago,” and believes that his return was to quell any rumors and accusations about his position in the stock.
Bruni says that livestream outlines Roaring Kitty’s “ultimate funding thesis,” which he explains is a “bet on Ryan Cohen.” ” He’s really just making a bet on the fact that it has a ton of capital available to it now and that he believes in Ryan Cohen as the person to lead the ship,” he explains. However, Al notes that Cohen is being viewed as a “villain” by some members of the WallStreetBets community as he decided to release earnings earlier than expected, ultimately stunting the rally’s momentum.
For investors looking to hop on the meme stock trend, Bruni encourages them to “know the game you’re playing. If you’re a short-term trader, this is great. If you’re a longer-term investor, you’re waiting for these companies to really tell you what are we going to do with this good fortune that we found ourselves in?”
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