GameStop (GME) stock rose as much as 75% in pre-market trading on Monday after Keith Gill, the individual investor who ignited the meme stock rally back in 2021, posted a screenshot on Reddit late Sunday that purported to show he'd built a nearly $175 million position in the video game retailer.
Gill, also known as Roaring Kitty on X and YouTube, and a user "DeepF—ingValue" on Reddit, posted the screenshot Sunday night on Reddit's Superstonk subreddit.
The screenshot showed holdings of 5 million GameStop shares purchased at an average price of $21.274, a position worth $115.7 million as of Friday's closing price of $23.14. GameStop shares traded hands as high as $41 in pre-market trade on Monday.
The account also appears to own 120,000 options contracts that expire June 21. These contracts confer the right to buy GameStop shares at $20 each, a position worth $65.7 million as of Friday's close.
Screenshot that appears to show GameStop holdings by "DeepF—king Value," posted on Reddit late Sunday, June 2, 2024. (Source: Reddit)