:max_bytes(150000):strip_icc()/GettyImages-2105321070-f14fdd5e630a421390f66e3f56a7d895.jpg)
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2105321070-f14fdd5e630a421390f66e3f56a7d895.jpg)
Key Takeaways
- GameStop shares soared for the second time in a month Monday as Keith Gill indicated a large position in the company in a Reddit post.
- Shares had fallen from their peak after Gill returned to X on May 12.
- Other meme stocks like AMC Entertainment, BlackBerry, and Tupperware also rose in premarket trading Monday.
GameStop (GME) shares soared in premarket trading Monday after Keith Gill, a key player in the original meme stock rally of 2020 and 2021, returned again to post on X and Reddit (RDDT), indicating a large position in the company.
On Sunday night, an account belonging to Gill, who posts under the usernames “Roaring Kitty” and “DeepF—ingValue,” posted a screenshot to the “Superstonk” subreddit of an account that holds 5 million GameStop shares, worth $115.7 million at the time the screenshot was taken and over $200 million Monday morning. Around the same time, a green reverse card from the card game Uno was posted to Gill’s X account.
Gill often posted similar updates to the subreddit in late 2020 and early 2021, the last coming in April 2021, when he backed away from his social media profiles after the original meme stock frenzy. In the last post before his three-year absence, Gill indicated he owned 200,000 GameStop shares worth $30.94 million.
GameStop Soaring for Second Time in a Month
Monday’s substantial rise is GameStop’s second surge in less than a month, but shares haven’t reached the same heights as last month or early 2021.
On Sunday, May 12, Gill posted to X for the first time in nearly three years, sending GameStop shares higher as markets opened the following morning. Gill’s posts to the “RoaringKitty” account continued throughout that week, but shares failed to maintain the momentum.
GameStop stock jumped 179% over the first two days of trading that week, then fell over the next few days, leaving shares just 27% higher by market close May 17 than they were a week prior. Shares remained around $20 the rest of the month as the video game retailer filed to issue new shares and projected results below analyst expectations for its June 11 first-quarter earnings report.
GameStop shares were up nearly 80% an hour before the opening bell Monday to $41.12. Some other meme stocks also were rallying, with AMC Entertainment (AMC) surging 25%, Tupperware Brands (TUP) rising 11%, and BlackBerry (BB) up 6%.