GameStop Shares Have Skyrocketed 80% For This One Reason

By: Julia Mehalko | Published: Jun 03, 2024

GameStop shares have surged by about 84% on Monday, and all because of one reason: social media user Roaring Kitty has posted online once again.

Keith Gill, who goes by Roaring Kitty on X and YouTube, has been relatively quiet on social media since his 2021 short squeeze. However, recent postings by Gill in just the last few weeks have caused meme stocks to soar.

The Return of Roaring Kitty

On Sunday night, Keith Gill — notably known as Roaring Kitty online — posted on Reddit under the username DeepF——Value.

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A close-up of many numbers on a stock market board.

Source: Pixabay/Pexels

In this latest post, Roaring Kitty uploaded a screenshot of what appears to be his portfolio. In this screenshot, one can see that Gill has quite a lot of GameStop call options and common shares.

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5 Million GameStop Shares

According to these posts, Gill has about 5 million GameStop shares. These shares are worth $115.7 million, as of the closing price on Friday.

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A close-up of the front of a GameStop store.

Source: Phillip Pessar/Wikimedia Commons

Gill also has 120,000 call options in GameStop. The strike price of these call options is $20, and it expires on June 21st. They were purchased for $5.68 apiece.

Immediate Movement

The stock market saw immediate movement after Gill posted this screenshot of his portfolio. In premarket trading on Monday, GameStop shares were 84% higher than they were previously.

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A phone in front of computers open to the GameStop trading stock.

Source: Dimitris Chapsoulas/Unsplash

On Friday, GameStop shares closed at $23.14. Meanwhile, in premarket trading on Monday, shares had jumped to $42.55.

Interesting Roaring Kitty Moves

Now that GameStop and other meme stocks are soaring on the stock market once again, analysts are already evaluating Roaring Kitty’s recent social media movements. Surprisingly, Gill’s postings online are different than what he’s done before.

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A close-up of the Reddit app on a phone screen.

Source: Brett Jordan/Unsplash

Perhaps most intriguingly, Gill didn’t post on Reddit’s WallStreetBets chatroom. Three years ago, during the height of the meme stock movement that Roaring Kitty started, this was where Gill often posted updates.

A New Move

Instead, Gill posted on the r/SuperStonk forum on Reddit. Though he still posted under his regular username that he’s always used on Reddit, posting on a different forum is notable.

A close-up of a phone screen open to social media apps, including Reddit.

Source: Ralph Olazo/Unsplash

Many social media users and analysts are already going over this new move in an attempt to understand if there’s any meaning behind it.

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Another Roaring Kitty Post

Sunday night, around the same time that he posted on Reddit, Gill also made a post on X, formerly known as Twitter, under his regular Roaring Kitty username.

A close-up of a GameStop stock graph on a phone.

Source: Tech Daily/Unsplash

In this X post, Gill simply uploaded a picture of the reverse card that is used in the popular game “Uno.”

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Other Meme Stocks Surge

While GameStop has had the biggest surge on the stock market in Monday’s premarket trading, other so-called “meme stocks” have also soared thanks to Gill’s two social media posts.

American flags in front of the New York Stock Exchange building.

Source: Aditya Vyas/Unsplash

So far, AMC has jumped 24% in Monday’s premarket trading. Reddit’s stock has also risen by about 5%.

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Roaring Kitty’s Previous Return

Gill’s recent social media presence comes after Roaring Kitty’s return just last month. In May, Gill posted under his Roaring Kitty username for the first time in years.

A grayscale photo of a Wall Street sign seen outdoors.

Source: Patrick Weissenberger/Unsplash

Back in May, Gill posted a photo of a man in a chair who was leaning forward. As Roaring Kitty hadn’t posted in quite a while — and as this man is considered the mastermind behind the meme stock craze in 2021 — many amateur traders began to make some moves on the stock market.

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May’s Small Meme Stock Movements

While trading in May did well for many meme stocks, it wasn’t nearly as massive as what was seen in 2021 during the height of the movement.

A close-up of a stock market graph on a screen.

Source: Nicholas Cappello/Unsplash

Regardless, AMC shares were able to climb by 48% back in May. GameStop was also able to benefit from its performance on the stock market in May, as it raised more than $900 million in stock sales.

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Restricting Trading

Back in 2021, trading on the stock market got so out of control that many brokerages such as Robinhood restricted trading in certain meme stocks, such as GameStop.

A close-up of the top of the New York Stock Exchange building.

Source: tommao wang/Unsplash

The same occurred in May. As more people jump on the bandwagon and try to trade GameStop shares, halts and restrictions could once again become normal on the stock market.

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Another Craze on the Way?

Now that Gill has posted online and revealed that he may have a huge position in GameStop, this could potentially fuel another meme stock craze on the stock market.

A close-up of a graph of the GameStop stock on a phone.

Source: Michael Förtsch/Unsplash

Already, massive movements have been seen as traders — many of them considered amateur buyers and sellers — work to jump on Gill’s posting by helping GameStop’s shares soar.

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