Koss Corporation (NASDAQ: KOSS) stock surged almost 40% in intraday trading Monday following the return of meme-stock influencer Keith Gill, aka Roaring Kitty, to social media after three years.
The resurgence of Roaring Kitty, the moniker for Keith Gill, has once again set the stage for a frenzy in meme stocks, including GameStop (GME), AMC Entertainment (AMC), and Koss Corporation (NASDAQ: KOSS). Gill, who gained notoriety for his role in the 2021 meme stock craze, reappeared on X (formerly Twitter) after a hiatus, reigniting excitement among retail investors.
The Rise and Impact of Keith Gill: From Retail Investor to Meme Stock Icon
On Sunday night, Gill broke his social media silence with a post on X, marking his first engagement since June 2021. The post featured an image of a man leaning forward in a chair with a video game console in hand. While the image bears similarities to one shared by GameStop in February, with subtle alterations such as a change in color from blue to red, its message remains open to interpretation, encapsulating the sentiment of “when things get serious,” according to Know Your Meme.
Renowned for spearheading the meme stock frenzy of 2021 through his influential posts and videos on platforms like X, Reddit, and YouTube, Gill gained widespread recognition for his role in propelling stocks such as GameStop (GME) and AMC Entertainment (AMC) to unprecedented highs. His journey from posting educational investment content on YouTube in 2015 to becoming a central figure in the meme stock saga exemplifies the power of retail investors in shaping market dynamics.
Gill’s initial investment of $53,000 in GME stock in 2019 ballooned to almost $48 million at the peak of the craze in January 2021, catapulting him into the mainstream spotlight. The news of Gill’s return was met with enthusiasm from retail investors, with social media platforms buzzing with celebratory comments like “he’s back,” “game on,” and references to a potential “memecoin supercycle,” alluding to the rising prices of smaller cryptocurrencies.
Roaring Kitty’s Return Sparks Meme Stocks Rally
The news of Gill’s resurgence on X sent shockwaves through the financial markets, triggering a rapid surge in GME stock by approximately 74.5% on Monday. The New York Stock Exchange (NYSE) found itself compelled to briefly pause trading on GME stock multiple times within the first hour of trading due to heightened volatility, reflecting the fervor ignited by Gill’s return.
The ripple effect extended to other meme stocks, with theater chain AMC Entertainment (AMC) witnessing a remarkable rally of 78.4% on Monday.
Koss Corporation (NASDAQ: KOSS) Stock Reaction
Moreover, KOSS stock soared 36.66% to close at $4.37 on Monday. Its value increased by 29.29% this week. Trading activity has witnessed 19,537,376 (19.53 million) shares changing hands, well above the average daily volume of 363.18K.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
