{"id":65004,"date":"2024-06-03T17:12:45","date_gmt":"2024-06-03T17:12:45","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/03\/gamestop-stock-resurgent-as-influencer-roaring-kitty-places-116m-bet-on-retailer\/"},"modified":"2024-06-03T17:12:45","modified_gmt":"2024-06-03T17:12:45","slug":"gamestop-stock-resurgent-as-influencer-roaring-kitty-places-116m-bet-on-retailer","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/03\/gamestop-stock-resurgent-as-influencer-roaring-kitty-places-116m-bet-on-retailer\/","title":{"rendered":"GameStop stock resurgent as influencer Roaring Kitty places $116m bet on retailer"},"content":{"rendered":"
\"GameStop<\/div>


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The stock market influencer behind the so-called meme stock frenzy of 2021 has triggered a fresh surge in shares of GameStop, the struggling US videogame retailer.<\/p>\n

Keith Gill, who goes by the name Roaring Kitty online, revealed a $116m (\u00a390.8m) position in GameStop<\/strong><\/a> on Sunday.<\/p>\n

Gill told his followers he controlled 1.8% of GameStop’s available stock – a holding of five million shares – plus call options that gave him the right to buy more later this month.<\/p>\n

Money latest:<\/strong>
HSBC announces mortgage rate increases<\/strong><\/a><\/p>\n

A return to his Reddit account last month, for the first time in three years, was credited then for a renewed rush for GameStop and other out of favour stocks.<\/p>\n

GameStop’s own market value doubled in just three weeks.<\/p>\n

The retailer’s board cashed in on the renewed interest by raising more than $900m in a subsequent stock sale.<\/p>\n

GameStop shares added $4.6bn to its market value after surging as much as 75% in early Monday deals.<\/p>\n

They later settled around 30% higher.<\/p>\n

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<\/div>
\n Image:<\/span>
\n Keith Gill is shown giving evidence remotely to a Congressional committee in February 2021. Pic: AP
\n <\/span>
\n <\/figcaption><\/figure>\n<\/div>\n

LSEG data showed more GameStop shares had changed hands than in those for Apple within the first 42 minutes of official trading.<\/p>\n

They stood at \u00a330 per share following Friday’s close at $23.<\/p>\n

Gill’s GameStop trades gave birth to the rush of demand for meme stocks in 2021.<\/p>\n

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Please use Chrome browser for a more accessible video player<\/p>\n


\n \"GameStop
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\n 2:09<\/span>
\n <\/span><\/p>\n

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From 2021: ‘It’s about sticking it to the man’<\/span>
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It saw hedge funds’ positions rack up big losses as investors bought up stocks with weak fundamentals, such as GameStop and cinema chain AMC.<\/p>\n

They gained a cult-like following through accounts on Reddit and elsewhere.<\/p>\n

But the rallies petered out as regulators and politicians called out the activity and the companies’ performances failed to match up to the lofty valuations.<\/p>\n

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In the case of GameStop, its core numbers continue to be hurt by struggles associated with the transition to online gaming.<\/p>\n

Its main business remains selling new and used videogame discs.<\/p>\n

The company warned last month of a drop in first quarter net sales compared with the same period a year ago.<\/p>\n

<\/p>\n

<\/a><\/p>\n

Nigel Green, chief executive of the asset management and advisory firm deVere Group, urged investor caution following the renewed interest but added: “These super quick, super high, headline-grabbing figures are likely going to attract another huge wave of interest and, therefore, capital.<\/p>\n

“I would not be surprised if the stock added $100bn by the end of Monday due to the frenzy.”<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The stock market influencer behind the so-called meme stock frenzy of 2021 has triggered a fresh surge in shares of GameStop, the struggling US videogame retailer. Keith Gill, who goes by the name Roaring Kitty online, revealed a $116m (\u00a390.8m) position in GameStop on Sunday. Gill told his followers he controlled 1.8% of GameStop’s available […]<\/p>\n","protected":false},"author":2,"featured_media":65005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/24\/06\/768x432\/skynews-keith-gill-roaring_6572420.jpg?20240603172245","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[61996,6657,24416,11932,11105,5909,29250,16419,6042,1601],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65004"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=65004"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65004\/revisions"}],"predecessor-version":[{"id":65006,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65004\/revisions\/65006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/65005"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=65004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=65004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=65004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}