GameStop stock soared early Monday after Keith Gill, a key investor during the 2021 meme stock rally, revealed a major position in the video game retailer. AMC Entertainment (AMC) and other meme stocks jumped to follow GameStop (GME) higher.
Gill, who goes by the username Roaring Kitty on social media platforms X and YouTube, on Sunday night posted on Reddit (RDDT) for the first time since early 2021. Gill appeared to post a screenshot showing a $181.4 million position in GameStop stock and options. However, it is unclear if it is Gill himself posting to the account. The latest Reddit post was made to r/Superstonk rather than r/wallstreetbets, where he posted his GME stock updates during the 2021 meme rally.
The June 2 screenshot indicates that Gill holds 5 million shares of GameStop stock worth $115.7 million, with an average purchase price of $21.274 per share. It also shows 120,000 call options that expire on June 21 with the right to purchase GME stock at $20 per share. The GameStop options are worth $65.7 million according to the screenshot.
Gill made a similar reappearance on X on May 12, when he posted a series of memes implying that he’s back and trading again. However, most traders who bought into the mid-May rally were underwater by May 17.
GameStop Stock Leads Meme Rally
GameStop stock leapt nearly 50% shortly after the open Monday. GME stock vaulted more than 74% premarket to trade above 40 per share. GameStop stock rallied 91% this year amid the meme stock resurgence.
AMC stock jumped 14% Monday morning after popping about 23% premarket. Still, AMC stock has tumbled more than 12% in 2024 despite the Roaring Kitty rally.
BlackBerry (BB) pared gains to 4% Monday after surging 4.7% premarket. But BB stock is still down about 19% this year.
Robinhood (HOOD) swung 5.7% higher Monday. Shares of the mobile broker have spiked 72.5% in 2024.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
YOU MAY ALSO LIKE:
Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Learn How To Time The Market With IBD’s ETF Market Strategy
Join IBD Live And Learn Top Chart Reading And Trading Techniques From Pros