- May 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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GameStop (GME) Stock Surges 110% as “Roaring Kitty” Resurfaces Online
GameStop (GME) stock experienced a significant surge of up to 110% on Monday, leading to temporary trading halts due to volatility. This surge came after “Roaring Kitty,” also known as Keith Gill, who played a pivotal role in the meme stock frenzy, posted online for the first time since 2021.
Roaring Kitty became a prominent figure on Wall Street Bets and YouTube for his optimistic stance on GameStop (GME). His recent post on social media included a meme depicting a video gamer engrossed in gameplay, marking his first post since June 2021.
Gill’s previous commentary on GameStop’s potential for growth led him to testify before Congress regarding the massive short squeeze in January 2021 driven by retail traders. Currently, the short interest in GameStop stands at around 24% of the float, as per S3 Partners data.
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According to Ihor Dusaniwsky, managing director of S3 Partners, GME short sellers have incurred losses amounting to -$1.34 billion in May alone and -$952 million for the year thus far. The recent rally in meme-related stocks also saw theater chain operator AMC (AMC) gaining 19% and Trump Media & Technology (DJT) rising by 8% on Monday.
Dusaniwsky cautioned that short sellers could face a turbulent journey ahead with these stocks. However, as noted by Yahoo Finance’s Jared Blikre, the current surge in meme stocks seems more indicative of a healthy investment appetite rather than a foreboding market signal.
The resurgence in GameStop’s stock price reflects the ongoing volatility and speculation in the market, prompting investors to stay informed and cautious in their trading decisions.
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Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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