GME and KOSS Spike, Keith Gill “Not a Cat”
Keith Gill, the Reddit user and YouTube streamer who started the GameStop Corp. (NYSE: GME) short squeeze frenzy, is giving testimony to the U.S. House of Representatives Financial Services Committee today.
During his opening statement, Gill made a tongue-in-cheek reference to his YouTube account called “Roaring Kitty.”
He said, “I’m not a cat” as he introduced himself. The quote was also a reference to the recent viral video in which a lawyer arrived to a Zoom court hearing with a cat filter.
He closed his opening statement saying that he is still bullish on GME stock and “I like the stock” — a shoutout to the Reddit group WallStreetBets. The group has used the phrase as a sort of battle-cry when engaging in risky trades.
While he was speaking, GME, which was trading near its lows of the day, began spiking. The stock gained as much as $3, or 7% during Gill’s testimony.
Koss Corporation (NASDAQ: KOSS), another “meme stock” that made parabolic moves during the GME short squeeze, spiked from $13 to $17, a 30% move.
Neither stock was able to sustain the gains very long. At writing, both stocks are trending back toward their pre-testimony levels.
The overall markets are down today. At writing, the S&P 500 is down about 0.75%
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