GameStop Shares Surge as Meme Stock Legend “Roaring Kitty” Unveils $116M Stake – The Average Joe


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    GameStop Shares Surge as Meme Stock Legend “Roaring Kitty” Unveils $116M Stake

    Rhea Lobo

    June 3, 2024

    Just when the market thought it was game over, Roaring Kitty (a.k.a. Keith Gill) added a new level to GameStop’s stock journey. On Sunday, the famous trader behind GameStop’s ($GME) 2022 surge posted on Reddit’s r/Superstonk, revealing a massive 5M share position in the struggling video game retailer. Along with 120K call options, this stake is worth over $170M.

    • Thanks to the post, $GME rallied more than 21% yesterday, flanked by other meme stocks — AMC Entertainment ($AMC) and Reddit ($RDDT) — up 11% and 2.8%, respectively.
    • eToro’s Ben Laidler believes “Keith Gill is putting his money where his tweets are, and some investors are clearly following his lead and rekindling interest in meme stocks.”

    Watch what happens… live: In recent weeks, AMC has used its boosted price to issue new shares and raise money, diluting existing shareholders. It’s likely that GameStop, now worth over $9B, could do the same — something that previously helped it raise over $900M. Analysts offer caution on GameStop and other meme stocks; Wedbush Securities’ Michael Pachter warns that GameStop’s valuation is overly inflated and driven by hype rather than the company’s financial health. With E*Trade contemplating banning Roaring Kitty over market manipulation concerns, GameStop may encounter challenges in leveling up.

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