The GameStop meme rally is reignited by the return of 'Roaring Kitty' on Reddit and Robinhood shares surge.
- The return of "Roaring Kitty" led to a surge in GameStop's stock price.
- The retail trading frenzy could potentially benefit both Reddit and Robinhood.
- Since March, the highest levels of Reddit shares have been reached, coinciding with the company's IPO.
On Monday, the shares of and surged as social media-driven retail trading seemed to be regaining momentum.
Robinhood, a retail brokerage stock, climbed 8%, while Reddit, a social media platform, rose more than 9%, both reaching their highest levels since March.
The return of "Roaring Kitty," aka Keith Gill, led to a 80% increase in moves on Sunday.
The retail trading frenzy could benefit both Reddit and Robinhood, as the latter could see increased revenue from the former's highly active WallStreetBets chatroom.
Although neither Robinhood nor Reddit were public during the height of the 2021 meme stock craze, Robinhood went public in July 2021 and Reddit followed suit in March of this year.
by Jesse Pound
Markets
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