Roaring Kitty may have liquidated his sizable stake in GameStop amid trading frenzy (2024)
Keith Gill, the meme stock trend-setter known as Roaring Kitty, may have sold off his recently-disclosed options in GameStop amid a surge in trading, market experts speculated.
Overall, GameStop options volume jumped to 1.2 million contracts on Wednesday, 66% higher than the average daily volume for the stock’s options over the last month, according to Trade Alert data.
Gill’s options position has seen big gyrations in recent sessions with the value of the options position jumping as high as $341 million before briefly going $7.5 million in the red on Tuesday.
Options market participants have been watching the position closely since Gill disclosed them.
“We won’t know for sure until we see the open interest figures tomorrow morning, but I can’t imagine who else would pound out such huge sales at discounts,” said Steve Sosnick, Interactive Brokers’ chief strategist.
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Based on their closing price of $6.40 a contract, Gill’s 120,000 contracts would have finished the session valued at $76.8 million, up some $8.7 million from when he bought them, according to Reuters calculations.
GameStop shares finished the session down 16.5% at $25.46 — meaning that his options are on track to be “in the money” by the time they reach the expiration date a week from Friday.
On Thursday, the stock surged 14% to close at $29.12. The shares are up 66% for the year.
If the stock remains above the $20 strike price, Gill could exercise the options and buy an additional 12 million shares at the same low price.
But Gill apparently lacks the capital to pull off the move since it would require $240 million.
In his most recent screenshot which included a rundown of his GameStop position, Gill had just $29.4 million in cash in his E-Trade account.
If he can’t come up with the money to exercise his call options, E-Trade would likely intervene and liquidate the options before they expire.
“If they remain in the money and he doesn’t close them, the brokerage may be forced to take action on his behalf,” CC Lagator, co-founder of brokerage Options AI, told CNBC.
A meme stock is a stock that gains popularity among retail investors through social media. The popularity of meme stocks is generally based on internet memes shared among traders, on platforms such as Reddit's r/wallstreetbets. Investors in such stocks are often young and inexperienced investors.
star Roaring Kitty, also known as Keith Gill, may have sold some of his GameStop holdings. The screen shot also showed he owned 5 million GameStop shares worth $115.7 million on June 2. On Wednesday, some 93,000 of the June call options changed hands, some of it in large chunks of 5,000 contracts or more.
In early June, Gill revealed on social media that he had made a significant investment in GameStop, totaling about $181 million in value at the time. It consisted of two parts: 5 million shares of GameStop stock purchased for $21.27, worth approximately $116 million at the time of the post.
Gill “quietly sold and/or exercised (i.e., dumped) all 120,000 of his GameStop call options for a large profit, seemingly to increase his own stake in GameStop stock by over 4 million shares,” Radev said in the suit. GameStop shares have since fallen, though they're still higher than they were before Gill's posts.
Meme stock champion Roaring Kitty, whose real name is Keith Gill, held onto his positions of 5 million GameStop common shares and 120,000 call options.
Between 2021–2024, Gill kept a low profile but continued to increase his GameStop ownership. As of June 2024, Gill owns 9 million shares of GameStop valued at approximately $250 million, making him one of the company's top five largest shareholders.
So, how did Roaring Kitty aka Keith Gill get all that money in the first place? stock and options. A follow-up screenshot from the now-legendary investor shows that position swelled to $260 million, with another $29 million in the bank.
He Now Has a $262 Million Stake. GameStop stock closed higher on Thursday, and Roaring Kitty was among the buyers. GameStop stock closed up 14% to $29.12.
Keith Gill, the meme stock icon better known as "Roaring Kitty," has doubled down on his confidence in GameStop (GME). Gill took to Reddit (RDDT) to share an updated screenshot of his stake, which now appears to amount to 9 million shares of the video game retailer.
BC Partners wholly owns and controls PetSmart, and owns about 80% of Chewy's common stock representing 98% of the voting control, an attorney for the companies said, pointing to public filings.
Chewy is acquired by PetSmart for $3.35 billion, the largest e-commerce acquisition at the time. Ryan Cohen steps down as CEO of Chewy to pursue personal goals and spend time with family.
Meme stock star Roaring Kitty, also known as Keith Gill, may have sold some of his GameStop holdings. The screen shot also showed he owned 5 million GameStop shares worth $115.7 million on June 2. On Wednesday, some 93,000 of the June call options changed hands, some of it in large chunks of 5,000 contracts or more.
Gill, known online as “Roaring Kitty” and “Deepf*ckingValue,” posted on June 13 that he bought another 4 million shares of GME. This brings the trader's total shares to over 9 million, worth about $262 million when GME closed that day.
Roaring Kitty a.k.a. Keith Gill jokes about losing another $51 million on GameStop. Traders have closely followed GameStop shares' roller-coaster ride following the reemergence of the meme-stock trader known as Roaring Kitty.
In reality, Kim Campbell is a nurse at the Davis Center of Psychiatric Medicine living in Los Angeles. Kim's investment in GameStop rose to as much as roughly $50,000 whereas Jenny's financial gains in Dumb Money soared to upwards of $500,000.
The all-time high GameStop stock closing price was 86.88 on January 27, 2021. The GameStop 52-week high stock price is 64.83, which is 214.1% above the current share price. The GameStop 52-week low stock price is 9.95, which is 51.8% below the current share price.
Within days of this campaign, the $GME stock price hit a pre-market high of over $500, costing hedge funds an estimated $19.75 billion yearly. On January 28th, 2021, several retail investment brokers restricted trading of certain stocks, including GameStop.
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