GameStop (GME) stock has reignited a frenzy on Wall Street on the very first trading day of June, as the notorious meme trader “Roaring Kitty” took to social media revealing a $175 million position in the enterprise. The legitimacy of Roaring Kitty’s — the online username of meme investor Keith Gill — funding collection of investments has yet to be verified.
In the wake of this stock surge, Catalysts welcomes RapidRatings International Executive Chair James Gellert to discuss what these meme stock rallies mean for investors and the broader sector (^DJI, ^IXIC, ^GSPC).
Gellert notes that the meme trade phenomenon proves “a frothier sector,” although he noted that reactions of such magnitude do not occur unless there is “real excitement going on,” particularly in a enterprise “that still has a lot of fundamental issues to solve.”
While acknowledging the potential for investors to reap earnings, Gellert states “no one wins without someone else losing in a case like this. There are definitely people with axes for momentum, and they are pushing the stock, and a lot of people are jumping in, but not everyone is getting out at a time where they can make a profit.”
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