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Online Trading Influencer ‘Roaring Kitty’ Paves the Way for a Surge in GameStop Shares
GameStop stocks witnessed a record surge of over 90% in premarket trading this Monday. This significant rise appears to have been prompted by a Reddit post over the weekend from renowned stocks influencer Keith Gill, popularly known as ‘Roaring Kitty.’ Gill shared a rather hefty $116 million bet on the gaming retailer.
Notably, GameStop emerged as the second-most actively traded stock by 4:30 a.m. ET, with 4.4 million shares transacted.
Roaring Kitty’s Previous Influence on the Market
Interestingly, Gill’s Reddit account was instrumental in igniting a meme stock trading frenzy approximately three years ago, with the influencer posting screenshots of his bullish bets on GameStop. This particular post was his account’s first in a while.
Along with the recent $116 million bet, Sunday’s post also revealed $20 call options on GameStop, set to expire on June 21. As of close on Friday, the stock price stood at $23, marking a significant 33% rise since Gill began sharing his intriguing posts and memes on X.com in May. This has led to speculation as to whether he will resume sharing his online trades after a hiatus of three years.
Gill, however, remained inaccessible for comments on either Reddit or via email.
Reddit and Other Meme Stocks Experience Gains
In relation to this, Reddit shares too experienced a 7.5% jump, while the retail broker platform Robinhood saw a gain of 3.5%. Among other meme stocks that enjoyed a rise were AMC, which notched a 30% gain, and Tupperware, which rose by 12%. U.S.-listed shares of BlackBerry also saw a 7.8% increase.
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