Keith Gill, famously known as “Roaring Kitty” in online forums, has recently shown an increase in his ownership of GameStop’s common stock. A recent screenshot of his E-Trade portfolio posted on Reddit revealed that he now holds over 9 million shares of GameStop, along with a cash position of over $6 million.
Gill’s journey with GameStop started on June 2 when he disclosed his initial position in the meme stock frenzy, holding 5 million shares and 120,000 call options against GameStop. Call options provide the holder with the right to buy shares at a predetermined price by a specified expiration date. However, the exact strategy employed by Gill to reach his current position remains unclear.
There was a notable increase in trading volume of GameStop call contracts with a strike price of $20 and an expiration date of June 21, matching the ones held by Gill. This surge in trading activity, coupled with a decline in GameStop’s share prices and call options, led to speculations that Gill might be offloading his positions before expiration.
Portfolio Expansion
Despite the uncertainty surrounding his trading activity, Gill’s total portfolio value, including cash, soared to over $268 million by Thursday evening, up from $210 million on June 2. This increase was supported by GameStop’s shares surging more than 14% on the same day.
GameStop’s recent annual shareholder meeting faced disruptions due to technical issues, highlighting the overwhelming interest in the company’s revival. Following the renewed meme rally, GameStop raised over $2 billion in an equity sale, with plans to utilize the funds for general corporate purposes, including potential acquisitions and investments.
Keith Gill’s strategic moves within GameStop’s volatile market have garnered significant attention, with his portfolio growth reflecting both risks and rewards. As the meme stock frenzy continues to evolve, Gill’s actions serve as a case study for individual investors navigating the unpredictable landscape of meme stocks.