“Roaring Kitty’s GameStop position is in the money

GameStop shares fell for the second straight session Monday, down more than 49%, marking the worst two-day streak since Feb. 3, 2001, according to tracker Dow Jones Market Data Group.

Yet “Roaring Kitty”, also known as Keith Gill, is in the money with his GameStop holdings.

Gill, via his Reddit account, Superstonk/Deep F-ing Value, posted his account’s latest performance on Monday. FOX Business, in coordination with Dow Jones Market Data Group, analyzed the numbers.

WHAT TO KNOW ABOUT THE “ROARING CAT”

Five million shares are worth $124.15 million as of today’s close, up $17.78 million from the $106.37 he bought them for.

As for his $20 call options that he purchased for $5.67, each is currently trading at $6.81. The value of those options contracts is $81.72 million, up $13.62 million from the $68.10 million he purchased them for.

READ ON THE FOX BUSINESS APP

ROARING KITTY’ BETTING BIG ON GAMESTOP MANAGEMENT TEAM

With the call options, if he exercises them, Gill will have the option to buy 12 million shares at $20 per share, or 120,000 contracts, with each contract worth 100 shares, as detailed by the Dow Jones Market Data Group. FOX Business is unable to independently confirm the accuracy of Gill’s posts.

Gill’s update follows his live broadcast on YouTube on Friday, his first return to the social media broadcaster in around three years.

Keith Gill, a Reddit user credited with inspiring GameStop’s rally, is shown during a YouTube livestream on a laptop at the New York Stock Exchange on June 7, 2024.

The livestream, watched by around 600,000 people, allowed Gill to reiterate his confidence in the video game retailer with few new details.

“It becomes a bet on the management” of GameStop — particularly CEO Ryan Cohen “and his team” — during the “transformation phase” that he says video game retailer entered. “It’s probably going to be an ongoing debate about what people think of him, whether he can successfully turn this company around,” said the meme stock said the retail trader, making jokes here and there. He also reminded his viewers to “make your own decisions.”

Cohen founded Chewey.com and unsuccessfully attempted to turn around Bed Bath & Beyond, which filed for bankruptcy and is now part of Overstock.com.

On Friday, before the live broadcast, GameStop reported a net loss of $32.2 million, compared to a loss of $50.5 million last year. Sales fell 28% to $881 million from $1.2 billion. The company also plans to sell up to 75,000,000 additional shares on top of the 45,000,000 shares already sold.

GameStop shares have gained 98% this quarter, largely thanks to Gill’s return.

Original article source: “Roaring Kitty’s GameStop position is in the money

Read Complete News ➤

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × 3 =