Roaring Kitty Sends GameStop Stock Soaring With Massive Position Reveal

GameStop stock experienced a significant surge in early trading on Monday following a revelation by key investor Roaring Kitty regarding a substantial position in the video game retailer. Roaring Kitty, known for his active participation in the 2021 meme stock frenzy, made a notable post on social media platforms, including Reddit and YouTube, disclosing a major stake in GameStop.

The online community was abuzz as Roaring Kitty, whose real name is Keith Gill, returned to Reddit after a prolonged absence. Gill’s recent post hinted at a massive holding in GameStop, creating a ripple effect in the market.

Gill’s disclosure indicated that he currently owns a whopping 5 million shares of GameStop stock valued at $115.7 million, with an average purchase price of $21.274 per share. Additionally, the post highlighted 120,000 call options set to expire on June 21, entitling the holder to buy GME stock at $20 per share, with their total value estimated at $65.7 million.

This revelation sent GameStop stock soaring, with the share price surging nearly 50% at the opening bell on Monday. The premarket trading session saw GME stock skyrocket more than 74%, pushing it above $40 per share. GameStop shares have already rallied 91% since the beginning of the year amid the resurgence of meme stocks.

Following the positive momentum in GameStop, other meme stocks also experienced gains. AMC Entertainment, another popular meme stock, witnessed a 14% jump in its stock price on Monday morning after a premarket surge of about 23%. Despite the recent rally driven by Roaring Kitty, AMC stock has faced a decline of over 12% in 2024.

Similarly, BlackBerry initially saw a 4% increase in its stock price on Monday following a premarket surge of 4.7%. However, BlackBerry stock continues to suffer a decrease of approximately 19% since the beginning of the year. Additionally, Robinhood, the well-known mobile brokerage platform, observed a 5.7% upswing in its stock price on Monday, with shares having surged by 72.5% in 2024.

As the market continues to react to Roaring Kitty’s announcement and the subsequent rally in meme stocks, investors are closely monitoring these developments for potential trading opportunities and market trends. For further updates on stock news and market insights, follow Harrison Miller on Twitter for the latest updates.