GameStop stock (GME) soared as much as 110% Monday before paring gains and was halted for volatility numerous times after "Roaring Kitty," the person who is seen as the kickstarter of the meme stock frenzy during the pandemic, posted online for the first time since 2021.
The stock crossed above $30 per share Monday. Shares had been on an upward trend, rising about 60% over the past two weeks.
"Roaring Kitty," who was 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, appearing to take the game seriously. The post received more than 81,000 likes and 9,000 comments. The last time Roaring Kitty posted on X was in June 2021.
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He was known for posting commentary about why GameStop would go higher and eventually testified before Congress about the massive January 2021 short squeeze spurred by an army of retail traders.
Short interest on GameStop sits at around 24% of the float, according to S3 Partners data.
"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 follow 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%.
"Short sellers may be in for a bumpy and bloody ride in these stocks," said Dusaniwsky.
As Yahoo Finance’s Jared Blikre recently noted, the recent meme stock surge doesn't appear to be the ominous signal it has been in the past, but rather a healthy risk appetite for investments.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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2024-05-13 14:50:01Z
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