The GameStop (GME) stock soared as much as 110% on Monday, causing quite a stir in the market. This sudden surge can be attributed to “Roaring Kitty,” also known as Keith Gill, who posted online for the first time since 2021. This individual became well-known for his bullish stance on GameStop and played a significant role in the meme stock frenzy during the pandemic.
With the stock crossing above $30 per share and rising about 60% over the past two weeks, it's clear that investors are taking notice. “Roaring Kitty” has a history of posting commentary on why GameStop would go higher and even testified before Congress about a massive short squeeze in January 2021.
Short interest on GameStop currently sits at around 24% of the float, which has resulted in significant losses for short sellers. The recent rally in meme-related stocks, including AMC and Trump Media & Technology, has further fueled the speculation surrounding GameStop's future performance.
While some believe that short sellers may be in for a “bumpy and bloody ride” with these stocks, others see the recent meme stock surge as a healthy sign of risk appetite in the market. As the situation continues to evolve, it's important for investors to stay informed and monitor the latest developments to make informed decisions.
For more updates on the stock market and in-depth analysis, be sure to follow Yahoo Finance for the latest financial and business news. This is certainly a story worth watching as GameStop's stock continues to make headlines in the coming days.