GameStop shares surge after ‘Roaring Kitty’ post

GameStop shares jumped more than 30% on Monday after a new Reddit post from retail investor Keith Gill.

A screenshot posted by Gill on Sunday showed GameStop holding 5 million, or 1.8% of its publicly available shares, on the platform, with DeepF————————— value and “Roaring Kitty” among others. It also showed $65.7 million worth of GameStop call options, which are typically bought to express a bullish outlook. It expires on June 21 at a strike price of $20. It is estimated to be worth around 116 million dollars.

ticker Security Past change conversion %
GME Gamestop Corp. 28.77 +5.67 +24.52%

GameStop Frenzy: Who’s Roaring Kitty?

Shares of GameStop closed at $23.13 on Friday.

And in X he released a reverse green card from the Uno game. Although he didn’t specify the meaning, it could mean a comeback in the meme stack world.

In May, Gill returned to social media after a three-year hiatus with a post that appeared to show him playing in a chair.

GameStop’s stock continues to rise, punishing short sellers

The post sparked a buying frenzy in the stock, favored by Reddit users and other retail investors, despite no concrete news, sending the stock up more than 134% in two days.

It brought back memories of the 2021 surge that saw the stock soar 103.94% at one point, with significant financial consequences for short sellers.

The uproar following Gill’s post in early May underscores the company’s loyal following, GameStop co-founder Gary Cousin told Fox Business.

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“The relationship between the company and its fans is very sticky because these fans will advocate for the company in the face of any adversity,” Cousin said.

Wall Street “makes a perfectly rational argument that GameStop’s stock price is overvalued,” he said last month.

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“It’s very difficult to argue that the analysis isn’t true,” Kussin said. However, he added, GameStop fans “are clearly not afraid of the facts.”

Reuters contributed to this report.

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