Reported 4 months ago
GameStop's stock surged after user "DeepF***ingValue" on Reddit, likely Keith Gill, revealed a $175 million position in the retailer, causing the stock to increase by 75%. Gill, also known as Roaring Kitty, posted a screenshot showing holdings of 5 million GameStop shares and 120,000 options contracts. Analysts cautioned against chasing the rally, and the surge follows a previous 180% rally in mid-May after Roaring Kitty's return on X. Despite issuing new shares last month, GameStop saw a 25% increase, while AMC also benefited from the meme frenzy.
Source: YAHOO