Shares of video game retailer GameStop (NYSE:GME) surged over 47% on Thursday after meme stock influencer Keith Gill, known as “Roaring Kitty,” announced a YouTube livestream set for Friday. Gill’s social media return after a three-year break has led to a revival of the meme stock frenzy witnessed in 2021, although on a smaller scale. Gill, who was a central figure during that time period, posted a $116 million bet on GameStop.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The stock’s reaction has once again led to discussions of potential market manipulation after it was reported that brokerage E*Trade is considering removing Gill from its platform. Interestingly, the announcement came with a disclaimer that stated the livestream would be opinion-based, which is likely in response to the market manipulation concerns.
Is GME a Good Stock to Buy Right Now?
Although no analysts are currently covering GameStop, the sentiment among TipRanks investors is currently Very Positive. Out of the 738,341 portfolios tracked by TipRanks, 0.3% hold GME stock. However, the average portfolio weighting allocated towards GME among those who do have a position is 9.11%. This suggests that traders are very bullish on the stock. Furthermore, in the last 30 days, 87.4% of those holding the stock increased their positions.
