GameStop (NYSE: GME) stock surged during intraday trading Monday following speculation that Keith Gill, known as “Roaring Kitty” on social media platforms X and YouTube, might have returned to the meme stock scene.
Gill, a pivotal figure in the 2021 meme stock phenomenon, reportedly posted on Reddit (RDDT) for the first time since early 2021 on Sunday night. His post appeared on the r/Superstonk subreddit instead of his usual haunt, r/wallstreetbets. The post included a screenshot that suggested Gill holds a $181.4 million position in GameStop stock and options.
According to the screenshot, Gill possesses 5 million shares of GameStop stock, valued at $115.7 million, with an average purchase price of $21.274 per share. Additionally, it shows he has 120,000 call options expiring on June 21, which gives him the right to purchase GameStop stock at $20 per share. These options are valued at $65.7 million.
Although it’s uncertain if Gill himself posted this, the potential resurgence has captured the attention of investors and traders alike. Gill’s previous activities on Reddit and YouTube played a significant role in the meteoric rise of meme stocks, particularly GameStop, during the early 2021 rally.
Gill’s reappearance on social media was first noted on May 12 when he posted a series of memes on X, hinting at his return to trading. However, the mid-May rally prompted by his posts left many traders with losses by May 17, as the momentum failed to sustain.
The renewed interest and speculation surrounding Gill underscore the continuing influence of social media on stock movements, especially within the meme stock community. As investors and analysts monitor these developments, the volatility and unpredictability associated with meme stocks remain ever-present, highlighting the unique dynamics at play in this segment of the market.
GameStop (NYSE: GME) Stock Price Action
On Monday, GME stock soared 21%, closing at $28, marking a 47.37% increase for the week. The trading volume was 165,808,288 shares, significantly higher than the average daily volume of 26.07 million.
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