GameStop Stock Rising Again Even With Roaring Kitty MIA

GameStop's stock has seen a notable uptick, climbing nearly 8% over the past week to a current price of nearly $26.00 and outpacing the broader market as represented by the Nasdaq's more modest 0.43% gain.

The latest rise, while much more gradual than some spikes seen by GME in recent months, comes while outspoken investor and trading influencer Roaring Kitty—aka Keith Gill, or DeepFuckingValue on Reddit—remains out of the spotlight.

Roaring Kitty was the trader behind GameStop's famed "meme stock" surge in early 2021, forcing a short squeeze that led to billions of dollars worth of losses for hedge funds that had shorted the longtime video game retailer.

Gill disappeared from the internet for three solid years before reappearing this past May, sending GME's stock price soaring as he returned to tweeting. He stepped things up further in June with his first livestream since 2021, along with disclosing that he'd boosted his total position to about 9 million GME shares ($233 million worth today).

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But he's been nearly silent online for almost a month now, save for a single tweet of a cartoon dog that immediately prompted a surge in the price of pet supplies retailer Chewy and other related stocks. Gill later revealed that he'd amassed 9 million shares of Chewy, effectively matching his GME holding.

Without its top influencer pumping the price, GameStop's latest price uptick comes as the company unveiled a new initiative in the collectibles market, signaling a strategic pivot beyond its traditional video game retail focus.

Earlier this week, GameStop announced a substantial $25,000 reward for a particular collectible item: The elusive one-of-one black parallel Lionel Messi sticker from the 2024 Panini Copa America collection.

The company has set strict criteria for the bounty, requiring the sticker to achieve a Professional Sports Authenticator (PSA) grade of 6 or higher. This unique promotion is set to run through the end of 2024, creating a months-long hunt for collectors.

This latest announcement is part of GameStop's broader strategy to expand its market presence beyond video games, accessories, and collectibles.

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By tapping into the fervor surrounding Lionel Messi, particularly following his high-profile move to Inter Miami in Major League Soccer, GameStop is positioning itself at the intersection of sports and collectibles enthusiasm.

The move into graded sports cards and rare collectibles represents a significant diversification for the retailer, potentially opening up new revenue streams and customer bases. It could also pay off as a marketing ploy, drawing attention to GameStop's evolving business model and its ability to adapt to changing consumer interests.

Edited by Andrew Hayward