Meme stock mania is so back, and Suspect No.1 is at play.
Whenever stocks reach a higher than usual short interest, investors could benefit from keeping a close eye on the future prospects for those stocks. Typically, there is a good reason for short sellers to take on a bearish view of businesses.
Shares in GameStop Corp (NYSE:GME) soared 71% in premarket trading after noted 'meme stock' trader Keith Gill posted a screenshot of his latest trades. Gill, the former professional trader who goes by the moniker of Roaring Kitty, issued the first post from his 'DeepF Value' Reddit (NYSE:RDDT) account in a while.
Keith Gill, who calls himself Roaring Kitty online, has posted to Reddit that he has a $116 million position in GameStop (NYSE: GME ), roughly 5 million shares. Gill also bought calls in GME stock at $20.
Though GameStop (NYSE: GME) took greater advantage of the resurgence sparked by the meme stock craze of late 2020 and early 2021 than many companies in a similar position, it has, nonetheless, been on a path of decline for much of the previous three years.
"Roaring Kitty," whose legal name is Keith Gill, took to Reddit and authored a post from his official account for the first time in three years.
The stock price of GameStop (NYSE: GME) is up nearly 40% year-to-date. It has been very volatile, with its stock's 52-week price ranging between $10 and $65.
GameStop NYSE: GME is experiencing a massive rally in pre-market trading, with shares soaring nearly 100% following news that Keith Gill, famously known as "Roaring Kitty" on YouTube and "DeepF------Value" on Reddit, disclosed an enormous position in the video game retailer. The stock was up 70% at 5:40 a.m.
Shares of video game retailer GameStop soared more than 70% in premarket trading on Monday after a new post from Keith Gill, also known as "Roaring Kitty."
GameStop soars after Reddit account at the center of the 2021 meme stock surge posts for first time in three years, while Boston Beer falls after declining to comment on a report that Japanese beverage giant Suntory is in talks to acquire it.
Before the market opened on June 3, GameStop Corp. (NYSE: GME) shares were up over 100%.
Video games continue to be one of the most popular forms of entertainment in the world. Nearly 50 years after the first video game consoles debuted, the industry is stronger and more diverse than ever.