GameStop soars 90% after super bull Keith Gill's Reddit post shows $116 mln bet (updated)

BlackBerry

03/06/2024 09:40

(Adds details on Reddit post, updates with US shares)
       June 3 (Reuters) - Shares in Gamestop  GME.N  surged by
over 90% in premarket trading on Monday, after a weekend Reddit
post from stocks influencer Keith Gill, known as "Roaring
Kitty," showed a $116 million bet on the gaming retailer.
    GameStop was the second-most actively traded stock, with 4.4
million shares changing hands by 4:30 a.m. ET.
    It was the first post from Gill's Reddit account, which was
central in fuelling a meme stock trading frenzy about three
years ago by sharing screenshots of his bullish GameStop trades.
    The screenshot posted on Sunday also showed $20 call options
for GameStop expiring on June 21. The stock closed at $23 on
Friday, up about 33% since Gill began sharing cryptic posts and
memes on X.com in May, sparking speculation over whether he
would resume sharing his trades online after a three-year
hiatus.
    Gill did not respond to a request for comment on Reddit or
email.
    Reddit shares jumped 7.5%, while retail trader-focused
brokerage Robinhood  HOOD.O  gained 3.5%.
    Among other meme stocks, AMC  AMC.N  added 30%, Tupperware
gained 12%, U.S.-listed shares of BlackBerry  BB.N  rose 7.8%.

 (Reporting by Medha Singh and Amanda Cooper; Editing by Alun
John and Varun H K)
 ((amanda.cooper@thomsonreuters.com; +442031978531; Twitter: https://twitter.com/a_coops1;))