GameStop stock surges more than 70% as 'Roaring Kitty' revival resumes meme-stock gains


GameStop stock (GME) soared as much as 110% on Monday before paring gains, and it was halted several times for volatility after “Roaring Kitty,” the person credited with kick-starting the meme stock craze during the pandemic. Is seen as. Posted Online for the first time since 2021.

The stock closed 75% higher above $30 a share on Monday. Shares have risen nearly 60% in the past two weeks.

“Roaring Kitty”, identified that year 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 taking the game seriously. The post received over 81,000 likes and over 9,000 comments. Roaring Kitty last posted on X in June 2021.

He was known for posting comments about why GameStop would go up and eventually testified before Congress about the massive short squeeze of January 2021 driven by an army of retail traders.

According to data from S3 Partners, short interest on GameStop sits at about 24% of the float.

“Including today's losses, GME shorts are now short — losses are $1.34 billion so far in the month of May, and now $952 million for the year,” Ihor Dusanievsky, managing director at S3 Partners, told Yahoo Finance on Monday. Has reduced.”

Monday's short squeeze follows a recent surge in meme-related stocks. Theater chain operator AMC (AMC) gained up to 50% during the session, while Trump Media & Technology (DJT) gained 8%.

“Short sellers could face a volatile and bloody ride with these stocks,” Dusaniwski said.

As Yahoo Finance's Jared Blickre recently noted, the recent meme stock surge does not appear to be an ominous sign as in the past, but rather a sign of a healthy risk appetite for investing.

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, US, on March 29, 2022.  Reuters/Brendan McDiarmidA screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, US, on March 29, 2022.  Reuters/Brendan McDiarmid

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, US, on March 29, 2022. Reuters/Brendan McDiarmid (Reuters/Reuters)

Ines Ferre is a senior business reporter at Yahoo Finance. Follow him on Twitter @ines_ferre,

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