GameStop’s shares rose 13.3 percent on Monday after Keith Gill, the popular online trader behind last month’s frantic recovery, announced that it had doubled its investment in the struggling retailer.
GameStop shares opened on Monday at $ 46.8 and closed at $ 46 pairs. GameStop closed at $ 40.68 per share on Friday. Gill announced on Reddit after the market closed on Friday that he bought another 50,000 shares of the company to raise his total investment to 100,000 shares.
Gill, a Massachusetts financial advisor better known on Reddit as “deepf — ngvalue” or on YouTube as “RoaringKitty”, is widely credited for planting the seed that has turned into a huge increase in GameStop’s stock. The company’s stock price rose about 1,800% in January, reaching $ 483 last month, before collapsing.
Gill told a House panel on Thursday that his first posts on Reddit advocating investment in GameStop were nothing more than an attempt to share a potential opportunity with other amateur brokers that got out of hand. Critics of the GameStop rally say Gill and other prominent Reddit users could be blamed for manipulating the market.
The Securities and Exchange Commission (SEC) announced last month that it is investigating any manipulation practices surrounding the GameStop frenzy, but securities lawyers say the public nature of the rise makes it difficult to claim a conspiracy.