GameStop (NYSE: GME) stock surged during early trading Monday, reigniting memories of the original meme stock rally of 2020 and 2021, as Keith Gill, a pivotal figure in the movement, returned to the spotlight with posts on X and Reddit (RDDT), indicating a substantial position in the company.
On Sunday night, Gill, known online as ‘Roaring Kitty’ and ‘DeepF—ingValue,’ created a stir by posting a screenshot on the ‘Superstonk’ subreddit. The screenshot showed he owned 5 million GameStop shares valued at $115.7 million. By Monday morning, his stake’s value had increased to over $200 million. Concurrently, a cryptic post featuring a green reverse card from the card game “Uno” appeared on Gill’s X account, further fueling speculation and excitement among investors.
Gill’s return to social media mirrors his earlier pattern of activity in late 2020 and early 2021. During that period, he regularly posted updates until he withdrew from social media in April 2021 amidst the meme stock frenzy. At that time, his final post revealed ownership of 200,000 GameStop shares valued at $30.94 million.
Monday’s surge in GameStop’s stock price marks the second significant rally in less than a month. However, it hasn’t yet reached the peaks observed last month or during the peak of the meme stock craze in early 2021.
The Return of Keith Gill
On May 12, Gill posted on X for the first time in nearly three years, which resulted in a spike in GameStop shares as markets opened the following morning. However, despite the initial excitement, shares failed to maintain upward momentum throughout the week.
During that period, GameStop stock jumped 179% over the first two days of trading but then declined over the subsequent days. By market close on May 17, shares were just 27% higher than the preceding week. For the remainder of May, shares hovered around $20 as the video game retailer announced plans to issue new shares and projected results below analyst expectations for its first-quarter earnings report on June 11.
GameStop (NYSE: GME) Stock Price Action
As of 10:27 a.m. (Eastern Time) Monday, GME stock traded at $31.80, marking a 37.42% increase compared to the previous trading session.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
