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GameStop stock resurgent as influencer Roaring Kitty places $116m bet on retailer

courtesy: Reddit courtesy: Reddit
courtesy: Reddit courtesy: Reddit

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As the investor who started the’meme stock’ mania invests again, GameStop gains momentum.

The stock market influencer behind the 2021 meme stock frenzy has boosted GameStop shares, the beleaguered US games retailer. Keith Gill, known as Roaring Kitty online, announced a $116 million (£90.8 million) GameStop stake on Sunday.

Gill told his followers he owned 1.8% of GameStop’s stock, five million shares, and call options to buy more later this month.  Last month, he returned to Reddit for the first time in three years, sparking a rush for GameStop and other underperforming firms. GameStop’s market cap doubled in three weeks. The retailer’s board sold more than $900 million of stock to capitalize on the fresh interest. GameStop shares rose 75% in early Monday trades, adding $4.6 billion to its market value. They settled 30% higher.

GameStop shares traded more than Apple shares in the first 42 minutes of trading, according to LSEG. After Friday’s $23 close, they were £30 per share. Gill’s GameStop moves sparked 2021 joke stock demand.

‘Stick it to the man’ Hedge funds lost big as investors bought weak firms like GameStop and AMC. They developed cult-like followings on Reddit and elsewhere. After regulators and politicians called out the activities and the companies’ performance fell short of valuations, the rallies ended. Sky News on WhatsApp Sky News on WhatsApp Sky News provides the latest UK and global news. Tap here Issues with the transition to online gaming continue to hurt GameStop’s core numbers. It focuses on selling new and used videogame discs. Last month, the company warned of a drop in first-quarter net sales compared to last year. After the renewed interest, deVere Group CEO Nigel Green advised investor caution but added: “These super quick, super high, headline-grabbing figures are likely going to attract another huge wave of interest and, therefore, capital.”The frenzy could push the stock up $100 billion by Monday.”

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