Keith Gill speaks virtually during a House Financial Services Committee hearing on Thursday.
Daniel Acker/Bloomberg
GameStop shares jumped Monday morning. A famous Reddit user clearly still likes the stock.
After the close on Friday, Keith Gill, the retail investor known as Roaring Kitty, posted on Reddit his first update on his GameStop (ticker: GME) holdings since Feb. 3, when he stopped giving daily updates.
Based on his post, he still holds 500 April 16 $12 calls, but his overall GameStop holdings were up to 100,000 shares from 50,000 in the prior update. His cash balance was down to about $11.9 million from $13.8 million, implying he could have bought the new shares at an average price of around $38.70.
Of course, Gill indicated he still believed in GameStop’s long-term prospects during Thursday’s House Committee on Financial Services hearing on the matter. He was interrupted during the question-and-answer session while discussing his belief that Chewy co-founder Ryan Cohen can help the retailer bounce back as a digital dandy.
Gill was greeted on Reddit like a decorated general returning from some faraway conquest. “I’m genuinely in love with this man,” was among the most up-voted comments in the thread. “THE KING IS BACK,” wrote another user.
GameStop stock actually popped in after-hours trading Friday, but gains accelerated Monday morning. The stock was up 16% to $47.25 shortly before 10 a.m. The stock was up 1,179% from 12 months ago, but off 90% from its intraday high during the past month’s mayhem. Of course, a 16% move is relatively small potatoes compared with some of the action in the past month.
The company’s fiscal fourth quarter ended Jan. 30, and the company hasn’t yet indicated when it plans to report results. Last year, it reported results for the fiscal fourth quarter in late March.
The stock’s run began Jan. 11, when the company announced Cohen and two other former Chewy executives would join its board. That news overshadowed the company’s holiday sales results, which showed a 309% increase in e-commerce sales, though total sales were down 3.1%, disappointing analysts.
Write to Connor Smith at [email protected]
