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“GameStop Stock Soars as ‘Roaring Kitty’ Post Appears to Show Stake”. AMC too.

The Reddit account at the center of GameStop’s 2021 stock rally posted Sunday for the first time since April 2021, sending meme stocks soaring in premarket trading.

GameStop stock jumped 102% to $47 in early trading Monday, only to return to $41.57, an increase of about 80%. Fellow meme stock AMC
,

the movie theater chain, also rose premarket, jumping 25% to $5.43.

The new rally came after Keith Gill, who goes by Roaring Kitty on X and YouTube and DeepF—Value on Reddit, appeared to post a screenshot showing a $181.4 million position in GameStop stock and options .

The screenshot, including Barron’s could not verify authenticity, shows an account containing five million GameStop shares, worth $115.7 million. The shares were purchased at an average price of $21.27. The stock closed at $23.14 on Friday. The screenshot also shows 120,000 call options that expire on June 21. They represent the right to buy shares at $20. The options are worth $65.7 million.

On X, Gill also posted a photo of a “reverse” green card from the Uno game. The posts are sure to spark renewed interest in GameStop and other meme stocks. In May, Gill sparked a frenzy in meme stocks when he posted to his X account for the first time since 2021. He posted a video on May 17 that appeared to be a goodbye.

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Gill became a folk hero on Reddit and other corners of the internet for his prescient bullish bets on GameStop when the stock soared to absurd levels in 2021 amid a wave of buying demand from users and funds hoping to squeeze short sellers. Reddit users organized on the WallStreetBets forum, sharing memes and song parodies touting the GameStop stock-buying movement. They also began to rally around other heavily shorted stocks, such as AMC.

Prior to the recent publication, Gill’s last update on his position in GameStop was on April 16, 2021. The screenshot showed that he owned $30.94 million in GameStop stock and $3.54 million in species.

Gill posted his new post on the SuperStonk subreddit, which is an offshoot of WallStreetBets that gained followers after WallStreetBets moderators took steps to limit GameStop-centric posts, particularly those based on conspiracy theories.

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Write to Connor Smith at connor.smith@barrons.com

News Source : www.barrons.com
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