GameStop stock has experienced a significant surge of over 70%, causing trading to be temporarily halted due to extreme volatility. The sudden increase in value comes after an influential Reddit user known as ‘Roaring Kitty’ made a post about the company, sparking a frenzy among investors. The gaming retailer’s stock price continues to fluctuate as the Market reacts to this unexpected development.
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GameStop stock (GME) witnessed a surge of up to 110% on Monday, catching the attention of investors and traders alike. The stock price crossed above $30 per share during the session, following a steady climb of about 60% over the past two weeks.
The rise in GameStop’s stock was attributed to “Roaring Kitty,” also known as Keith Gill, who reappeared online for the first time since 2021. Gill rose to prominence on WallStreetBets subreddit and YouTube for his bullish predictions on GME.
In a recent post on Twitter, Gill shared a meme featuring a video gamer appearing intensely focused on the game. The post garnered significant engagement, with over 81,000 likes and 9,000 comments. This marked Gill’s first post on Twitter since June 2021.
Gill previously testified before Congress about the massive short squeeze on GameStop in January 2021, led by a group of retail traders. As of now, the short interest on GameStop stands at approximately 24% of the float, according to S3 Partners data.
The momentum in meme-related stocks continued with theater chain operator AMC and Trump Media & Technology registering gains during the session. Market analysts warned that short sellers could be in for a challenging ride with these stocks.
Despite the recent surge in meme stocks, experts believe it reflects a healthy appetite for risk in the investment landscape. As the Market dynamics continue to evolve, investors are closely monitoring the developments in these volatile stocks.
Ines Ferre, a senior business reporter for Yahoo Finance, provided insights into the Market trends shaping the stock movements. For the latest updates on stock Market news and in-depth analysis, visit Yahoo Finance’s dedicated section. Stay informed with the latest financial and business news from Yahoo Finance for a comprehensive understanding of Market events.
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1. What caused GameStop stock to gain more than 70% recently?
– GameStop stock surged due to a Reddit user named ‘Roaring Kitty’ posting about the stock.
2. Why was GameStop stock halted for volatility?
– GameStop stock was halted for volatility after experiencing a significant increase in price within a short period.
3. Who is ‘Roaring Kitty’ and why is he relevant to GameStop stock?
– ‘Roaring Kitty’ is a Reddit user who gained attention for posting about GameStop stock and influencing its price movement.
4. Is it common for stocks to be halted for volatility?
– Yes, stocks can be halted for volatility to prevent extreme price fluctuations and ensure fair trading.
5. Should I invest in GameStop stock following this surge?
– It is important to research and consider all factors before investing in any stock, including GameStop, especially after a significant price increase.
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