GameStop soars 90% after super bull Keith Gill’s Reddit post shows $116 million bet

By Thomson Reuters Jun 3, 2024 | 3:48 AM

(Reuters) – Shares in Gamestop surged by over 90% in premarket trading on Monday, after a weekend Reddit post from stocks influencer Keith Gill, known as “Roaring Kitty,” showed a $116 million bet on the gaming retailer.

GameStop was the second-most actively traded stock, with 4.4 million shares changing hands by 4:30 a.m. ET.

It was the first post from Gill’s Reddit account, which was central in fuelling a meme stock trading frenzy about three years ago by sharing screenshots of his bullish GameStop trades.

The screenshot posted on Sunday also showed $20 call options for GameStop expiring on June 21. The stock closed at $23 on Friday, up about 33% since Gill began sharing cryptic posts and memes on X.com in May, sparking speculation over whether he would resume sharing his trades online after a three-year hiatus.

Gill did not respond to a request for comment on Reddit or email.

Reddit shares jumped 7.5%, while retail trader-focused brokerage Robinhood gained 3.5%.

Among other meme stocks, AMC added 30%, Tupperware gained 12%, U.S.-listed shares of BlackBerry rose 7.8%.

(Reporting by Medha Singh and Amanda Cooper; Editing by Alun John and Varun H K)