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GameStop stock rose 13.3% on Monday after Keith Gill, the popular online trader behind last month’s frenzied rally, announced he had doubled his investment in the ailing retailer.
GameStop shares opened at $ 46.8 on Monday and closed at $ 46 even. GameStop closed at $ 40.68 per share on Friday. Gill announced on Reddit after the market closed on Friday that he had purchased an additional 50,000 shares of the company to bring his total investment to 100,000 shares.
Gill, a Massachusetts financial advisor best known on Reddit as “deepf — ngvalue” or on YouTube as “RoaringKitty”, is widely credited with sowing the seed that turned into a massive rally GameStop actions. The company’s stock price rose about 1,800% in January, peaking at $ 483 last month before collapsing.
Gill told a House panel Thursday that his first posts on Reddit pleading to invest in GameStop were nothing more than an attempt to share a potential opportunity with other amateur traders who were spiraling out of control. Critics of the GameStop Rally say Gill and other prominent Reddit users could be guilty of market manipulation.
The Securities and Exchange Commission (SEC) announced last month that it was investigating possible manipulative practices surrounding the GameStop frenzy, but securities lawyers say the public nature of the rally makes it difficult to claim a conspiracy.
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