GameStop shares surge after 'Roaring Kitty' post
Screenshot purportedly showed Roaring Kitty's portfolio
GameStop co-founder Gary Kusin explains what CEO Ryan Cohen needs to do to clean up shop and turn around the company.
GameStop shares jumped more than 30% on Monday after a new Reddit post from retail investor Keith Gill.
The screenshot posted on Sunday by Gill, who goes by DeepF-------Value on the platform and "Roaring Kitty" on others, showed a GameStop holding of 5 million, or 1.8% of its publicly available stock. It also showed $65.7 million worth of GameStop call options, which are typically bought to express a bullish view. It expires on June 21 at a strike price of $20. The value appears to be worth about $116 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 23.89 | +1.52 | +6.82% |
GAMESTOP FRENZY: WHO IS ROARING KITTY?
GameStop shares closed at $23.13 on Friday.
(Reddit )
And on X he posted a reverse green card from the game Uno. While he didn't specify the meaning, in the meme stock world it can reportedly signal a comeback.
In May, Gill returned to social media after a three-year hiatus with a post depicting what appeared to be a gamer sitting on a chair.
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The post sparked a buying frenzy in the stock favored by Reddit users and other retail investors despite no concrete news, causing shares to surge more than 134% in two days.
It brought back memories of the 2021 surge, when the stock rose 103.94% at one point, causing significant financial consequences for short sellers.
The surge following Gill's post in early May underscored the company's loyal following, GameStop co-founder Gary Kusin told FOX Business.
"The relationship between the company and its fans becomes much stickier as these fans will advocate for the company in the face of any adversity," Kusin said.
He said last month that Wall Street is "making a perfectly rational argument that the GameStop stock price is over-valued."
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It is "extraordinarily hard to argue that analysis isn’t true," Kusin said. However, GameStop fans are "clearly saying that they will not be intimidated by the facts," he added.
Reuters contributed to this report.