GameStop Stock Roars After Key Meme Trader Reveals $181 Million GME Position

 

GameStop Stock Roars After Key Meme Trader Reveals $181 Million GME Position

GameStop stock surged early Monday following Keith Gill's announcement of a significant investment in the video game retailer. AMC Entertainment (AMC) and other meme stocks also experienced a boost, mirroring GameStop's (GME) rise.

Keith Gill, known as Roaring Kitty on social media platforms X and YouTube, posted on Reddit (RDDT) on Sunday night for the first time since early 2021. He shared a screenshot suggesting a $181.4 million position in GameStop stock and options. However, it is uncertain if Gill himself made the post. This latest update appeared on r/Superstonk instead of r/wallstreetbets, where he previously shared his GME stock updates during the 2021 meme stock rally.

The screenshot, dated June 2, reveals that Gill holds 5 million shares of GameStop stock valued at $115.7 million, with an average purchase price of $21.274 per share. It also shows 120,000 call options expiring on June 21, giving the right to buy GME stock at $20 per share. These options are valued at $65.7 million according to the screenshot.

Gill made a similar return to X on May 12, posting memes suggesting he had resumed trading. However, many traders who joined the mid-May rally faced losses by May 17.

GameStop stock jumped nearly 50% shortly after markets opened on Monday. GME stock surged over 74% premarket, trading above $40 per share. This year, GameStop stock has rallied 91%, driven by the meme stock resurgence.

AMC stock climbed 14% on Monday morning after rising about 23% premarket. Despite this, AMC stock has dropped over 12% in 2024 despite the Roaring Kitty rally.

BlackBerry (BB) trimmed its gains to 4% on Monday after an initial 4.7% surge premarket. BB stock is still down about 19% this year.

Robinhood (HOOD) saw a 5.7% increase on Monday. Shares of the mobile brokerage have soared 72.5% in 2024.