GameStop shares plummeted 20% on Friday following the company’s announcement of a share sale aimed at raising up to $3 billion, amid a decline in quarterly sales. This surprising move occurred ahead of a much-anticipated livestream by meme stock influencer Keith Gill.

The video game retailer’s shares, which had surged nearly 50% on Thursday after Gill’s announcement of a livestream, fell nearly 23% to $36.16 before being halted several times due to volatility. GameStop plans to sell up to 75 million shares but did not provide details on the timing of the sale or the reason for the early earnings release.

Steve Sosnick, chief market analyst at Interactive Brokers, noted, “There’s an old saying: feed the ducks while they’re quacking and certainly the ducks are quacking very loudly for GME right now.” He suggested that the company pushed its earnings date forward to comply with rules against selling stock before a major corporate announcement like earnings.

In 2021, Gill, known as “Roaring Kitty,” played a significant role in the dramatic rally of GameStop (NYSE:GME) shares, which soared as much as 1,600% before falling back. Gill gained a cult following among investors for his bullish stance on GameStop, communicated through Reddit posts and YouTube streams. His recent activity on social media has once again driven up GameStop’s stock, which has risen nearly 150% since May 13.

Last month, GameStop raised more than $900 million by selling 45 million shares, capitalizing on the revival of meme stocks. Brian Jacobsen, chief economist at Annex Wealth Management, commented, “Strike while the iron is hot,” comparing GameStop’s strategy to that of AMC Entertainment, which also benefited from the meme stock surge.

AMC Entertainment (NYSE:AMC), another favorite among retail investors, recently completed a $250 million share sale. Other meme stocks also experienced declines on Friday, with AMC down about 5% and headphone maker Koss dropping 11.2% after significant gains the previous session.

Despite the renewed interest in GameStop, some analysts believe the current rally lacks the fervor of 2021. Vanda (NASDAQ:VNDA) Track analysts noted that retail traders are not sticking around long, with high-frequency institutional traders front-running retail efforts. Short interest in GameStop remains high at 19.92% of free float, up from 18.4% last Friday.

Broader market conditions, including a dormant IPO market and mild M&A activity, do not reflect the speculative energy of 2021, according to Jason Draho, head of Asset Allocation Americas at UBS Global Wealth Management. He pointed out that while dramatic one-day moves are still occurring, the overall market is not as speculative.

GameStop’s first-quarter results showed a decline in net sales compared to the previous year, as the company struggles with customers increasingly turning to e-commerce for video games and collectibles.