GameStop stock (GME) soared as much as 110% on Monday before paring gains, and it was halted for volatility numerous times. The surge followed an online post by “Roaring Kitty,” the figure credited with kick-starting the meme stock frenzy during the pandemic, marking his first online appearance since 2021. The stock price crossed $30 per share on Monday, continuing a trend that saw it rise about 60% over the past two weeks.
“Roaring Kitty,” real name Keith Gill, became a well-known figure on the WallStreetBets subreddit and YouTube for his bullish stance on GameStop. His recent post on X, formerly known as Twitter, featured a meme of a video gamer leaning forward, seemingly deeply engaged in the game, which garnered over 81,000 likes and 9,000 comments. This was his first post on the platform since June 2021. Gill had previously testified before Congress regarding the massive January 2021 short squeeze triggered by a wave of retail traders.
According to S3 Partners data, short interest in GameStop is about 24% of the float. “Including today’s losses, GME shorts are now down -$1.34 billion in May month-to-date losses, and now down -$952 million for the year,” Ihor Dusaniwsky, managing director of S3 Partners, told Yahoo Finance on Monday.
Monday’s short squeeze followed a recent rally in meme-related stocks. Theater chain operator AMC (AMC) gained as much as 50% during the session, while Trump Media & Technology (DJT) gained 8%.
Source: YahooFinance
