GameStop shares experienced a significant surge, more than doubling in value after a notable post from the Reddit user “Roaring Kitty,” also known as Keith Gill. Gill’s post showcased what appeared to be a massive $116 million position in the game retailer, reigniting interest in the stock. The screenshot, dated June 2, 2024, and shared by Gill under his Reddit alias “DeepF— Value,” indicated the purchase of five million shares at $21.27 each. This post marked Gill’s first activity on the account in three years, leading to a dramatic rise of over 90% in GameStop’s premarket trading on Monday.
By 4:30 a.m. ET, GameStop had become the second-most actively traded stock, with 4.4 million shares changing hands. Gill’s Reddit account was pivotal in the meme stock trading frenzy of 2021, where he shared his bullish trades on GameStop, significantly influencing the market.
The recent screenshot not only displayed his substantial shareholding but also included $20 call options for GameStop set to expire on June 21. The stock had closed at $23 on the previous Friday, having risen approximately 33% since Gill began hinting at his return through cryptic posts and memes on X.com in May. This fueled speculation about his potential comeback to sharing trade details online after a prolonged hiatus.
Despite the excitement, Gill did not respond to inquiries for comments on Reddit or via email.
In the wake of this activity, Reddit’s stock saw a 7.5% increase, while retail trader-focused brokerage Robinhood experienced a 3.5% gain. Other meme stocks also benefited from the momentum: AMC surged by 30%, Tupperware saw a 12% increase, and U.S.-listed shares of BlackBerry rose by 7.8%.
