GameStop stock (GME) soared as much as 110% on Monday before paring its gains, tumbling wildly several times after the appearance of Roaring Kitty, the figure seen as the catalyst for the meme stock craze during the pandemic. It was stopped. Posted It will be held online for the first time since 2021.
The stock closed above $30 per share on Monday, up 75%. The stock price has been on the rise, rising about 60% in the past two weeks.
That year, “Roaring Kitty,” identified as Keith Gill, became a prominent figure on the WallStreetBets subreddit and YouTube for his bullish stance on GameStop (GME).
Sunday’s post on X, formerly known as Twitter, included a meme of a video gamer leaning forward and appearing to be intently engaged in a game. The post received over 81,000 likes and over 9,000 comments. Roaring Kitty last posted on X in June 2021.
He is known for posting commentary on why GameStop is rising, and ultimately testified before Congress about the massive January 2021 short squeeze caused by an army of retail traders.
Short interest in GameStop remains at about 24% of the stock’s float, according to data from S3 Partners.
“Including today’s losses, GME short losses decreased by -$1.34 billion month-to-date in May and -9.9 billion for the year,” Ihor Dusaniowski, managing director at S3 Partners, told Yahoo Finance on Monday. “It decreased by $52 million,” he said.
Monday’s short squeeze came on the heels of recent gains in meme-related stocks. Theater chain operator AMC (AMC) rose as much as 50% during the session, while Trump Media & Technology (DJT) rose 8%.
“Short sellers could have some ups and downs with these stocks,” Dusaniwski said.
As Yahoo Finance’s Jared Blikre recently pointed out, the recent surge in meme stocks appears to be less of an ominous sign than in the past, and more of a healthy risk appetite for investing.
A screen displaying the GameStop logo and trading information on the floor of the New York Stock Exchange (NYSE) on March 29, 2022 in New York City, USA. REUTERS/Brendan McDermid (Reuters/Reuters)
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on Twitter @ines_ferre.
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