No stock is currently garnering more attention on Wall Street than GameStop (NYSE: GME), thanks to Keith Gill, aka Roaring Kitty, taking on institutional short-sellers again and earning a hefty sum.
Since disclosing his GME stock position on June 3, valued at $180 million at that time, GME shares have surged by 167.44%. This includes pre-market gains of 35.42% at the time of writing, reaching a pre-market price of $63.04.
With his first live YouTube stream in three years scheduled for June 7 at 12:00 PM GMT-4, GME shares seem poised for further gains, potentially making Roaring Kitty a billionaire.
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Roaring Kitty holds significant sway over GME stock
If Roaring Kitty sells his 5 million GME shares above $43, the stock price could decrease due to an influx of shares and potential panic selling.
Conversely, exercising his 120,000 call options could increase the stock price by boosting demand.
The impact depends on his trading plan, which he will discuss in his YouTube livestream on June 7. His actions could significantly affect GME’s stock price, potentially leading to market volatility and trading halts by the NYSE.
According to the latest holdings update on June 6, Roaring Kitty has not sold his $20 call options, expiring on June 21, despite the increase in GameStop’s stock price.
With the recent surge, his GME stock holdings have been worth over $586 million.
GME stock short-sellers are in trouble
With an average coverage time of 0.70 days on GME stock, short-selling interest represents 21.84% of the total float, which puts short-sellers at a disadvantage due to the recent surge in the stock.
According to the calculations made by the stock market tracker The Kobeissi Letter, the GME stock surge in the previous 24 hours has inflicted over $2.1 billion in losses on short-sellers, with this number set to increase further as we near the scheduled Roaring Kitty’s YouTube stream.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
