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GameStop’s stock price finished another week down, exacerbating the video game retailer’s recent losses as the latest round of meme stock momentum—triggered by influencer and trader Keith Gill, aka Roaring Kitty—continues to lose steam.
Shares of GME dipped more than 3% over the course of the last week, per data from Google Finance, to a price of $24.18 when markets closed on Friday. That’s pushed the company’s stock price plunge to over 23% since June 5, when the stock was on its way up following the latest return of Roaring Kitty.
Gill, whose bull thesis on GameStop helped propel the retailer’s shares to a record price in 2021, recently triggered a pair of price spikes in May and June as he returned to online posting after three years of silence.
However, he’s been increasingly quiet on GameStop since early June, when he boosted his GME holding to approximately 9 million shares, and held his first livestream since 2021.
As GameStop’s price gradually dipped, Gill apparently pivoted his focus to online pet supplies retailer Chewy. It started with a tweet of a cartoon illustration of a dog, which pumped the prices of Chewy and other pet stocks based purely on trader hype—but days later, Gill disclosed to the SEC that he actually purchased some 9 million shares of Chewy.
Meme stocks are fueled by engagement, including from prominent influencers and the communities that they often lead or inspire, and Roaring Kitty’s recent absence has coincided with a notable dip in the price of his longtime stock of choice.
Will he be back in July for a third straight GameStop boost? As GME continues to sink, investors are no doubt eager to find out.
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