GameStop (NYSE: GME) saw its stock price surge nearly 6% after the return of Keith Gill, aka “Roaring Kitty,” to social media. Gill, a central figure in the 2021 GameStop short squeeze, shared a viral post on September 6, 2024, which drew over 522,900 views and reignited interest in the stock. Gill’s involvement in GameStop has been significant, turning his $53,000 investment into nearly $48 million at its peak. As of June 2024, Gill reportedly holds 9 million shares, valued at approximately $250 million.

While retail investors celebrate the surge, analysts remain cautious. Wedbush analyst Michael Pachter reiterated an underperform rating and a $11 price target, pointing to GameStop’s challenges in shifting from physical to digital game sales, declining hardware sales, and lack of strategic direction. GameStop is set to release its Q2 earnings on September 10, 2024, with expectations of $900 million in net sales and a 1 cent per share loss. Analysts highlight GameStop’s absence of formal guidance and its last earnings call in March 2023 as significant concerns.