GameStop Corp (NYSE:GME) shares are in the spotlight again on Tuesday amid continued volatility in meme stocks. Here’s a look at what’s going on.
What To Know: GameStop has been seeing increased retail investor attention since Keith Gill, also known as “Roaring Kitty,” made his return to social media following three years of silence.
Gill is often credited with spearheading the meme stock movement of 2021 that saw several heavily shorted stocks squeeze higher as retail traders piled into the names.
Gill held a livestream on YouTube on Friday that had more than 650,000 viewers at the peak. He laid out a longer-term bull case for his investment in GameStop mainly centered on CEO Ryan Cohen’s turnaround ability and the company’s large cash position.
“It becomes a bet on the management,” Gill said on the stream.
Gill also showed a live position update on the stream in an effort to prove the legitimacy of his GameStop bet. During the meme stock madness of 2021, Gill was known for posting position updates at the end of each trading session.
After the market close on Monday, Gill posted his latest position update showing that he is still holding 5 million shares of GameStop and call options expiring later this month. He was down approximately $51.4 million in Monday’s session. Gill’s GameStop position is now worth approximately $205 million.
The U.S. Securities and Exchange Commission is reportedly looking into recent options trading activity in GameStop as Gill is facing increased scrutiny from securities regulators over potential manipulation.
Check This Out: ‘You Were A Billionaire:’ Did Roaring Kitty Actually Hit 10 Figures With GameStop Stock Holdings? It’s Complicated
GME Price Action: GameStop shares were roughly flat at $24.17 at the time of publication, according to Benzinga Pro.
Photo: JJBers from Flickr.
