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GameStop Stock Soars After Release of ‘Roaring Kitty’

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

The screenshot posted Sunday by Gill, who goes by the name DeepF——-Value on the platform and “Roaring Kitty” on others, showed a GameStop holding of 5 million, or 1.8% of its stock accessible to the public. It also showed $65.7 million worth of GameStop call options, which are typically purchased to express a bullish opinion. It expires on June 21 at a strike price of $20. The value appears to be worth around $116 million.

Teleprinter Security Last Change Change %
GME GAMESTOP CORP. 30.71 +7.61 +32.93%

GAMESTOP FRENZY: WHO IS ROARING KITTY?

GameStop shares closed at $23.13 on Friday.

GameStop, Roaring Cat

And on X, he posted a reverse green card from the Uno game. Although he didn’t elaborate on what it meant, in the world of meme stocks, it could signal a comeback.

In May, Gill returned to social media after a three-year hiatus with a post describing what appeared to be a player sitting in a chair.

GAMESTOP STOCK RISE CONTINUES, PUNISHING SHORT SELLERS

That post sparked a buying frenzy of preferred stocks by Reddit users and other retail investors despite the lack of concrete news, causing shares to rise more than 134% in two days.

This was reminiscent of the 2021 surge, when the stock rose 103.94% at one point, leading to significant financial consequences for short sellers.

The surge that followed Gill’s post in early May underscored the company’s loyalty, GameStop co-founder Gary Kusin told FOX Business.

“The relationship between the company and its fans becomes much more delicate to the extent that those fans will defend the interests of the company in the face of any adversity,” Kusin said.

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

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It’s “extraordinarily difficult to argue that the analysis isn’t true,” Kusin said. However, GameStop fans “are making it clear that they will not be intimidated by the facts,” he added.

Reuters contributed to this report.

News Source : www.foxbusiness.com
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