GameStop shares soared in premarket trading after famous meme trader Keith Gill showed he owns millions in shares. File Photo by Jim Ruymen/UPI | License Photo
GameStop shares soared in premarket trading over the weekend into Monday morning after influential trader Keith Gill posted a screenshot of his apparent holdings in the video game retailer.
Gill, known by Roaring Kitty on X and YouTube, posted a screenshot on Reddit of what appeared to be his holdings of GameStop stock including 5 million shares worth $115.7 million based on Friday’s trading prices. Advertisement
It also showed he held 120,000 call options with a strike price of $20 set to expire on June 21.
At one time over the weekend, GameStop shares nearly doubled to $45.24.
The shares closed at $23.21 at close on Friday with a premarket price of $40.50 before the bell Monday morning, an increase of 75.2%
Gill posted a screenshot on Reddit of what appeared to be his holdings of GameStop stock with a strike price of $20 set to expire on June 21.
CNBC noted that Gill did not post in the subreddit r/WallStreetBets, where he had previously posted all his trade updates in 2021 as he became an influential figure in the so-called “meme stock” craze.
GameStop shares were already improved before Gill last week after the company said it finished a $933.4 million equity offering by selling 45 million shares. Advertisement
In mid-May, GameStop shares tumbled about 26% after a “meme stock” rally fueled by Gill’s return to social media with a post on his Roaring Kitty X account. The gaming company had announced then that sales declined in its first quarter. The loss was shared during the company’s report to the Securities and Exchange Commission.
