Shares of GameStop rose 13.3% on Monday after Keith Gill, the popular online trader who pushed last month’s frantic rally, announced he had doubled his investment in the troubled retailer.
Shares of GameStop opened Monday at $ 46.8 and closed at $ 46. GameStop closed Friday at $ 40.68 per share. Gill announced on Reddit after closing the market on Friday that it bought another 50,000 shares of the company to bring its total investment to 100,000 shares.
Gill, a Massachusetts financial advisor best known on Reddit as “deepf — ngvalue” or YouTube as “RoaringKitty,” has widely credited the seed planting that became a massive concentration on GameStop shares. The company’s stock price rose about 1,800 percent in January, to $ 483 last month before collapsing.
Gill told a House panel on Thursday that his first Reddit posts advocating investing in GameStop were nothing more than an attempt to share a potential opportunity with other amateur traders who were out of control. Critics of the GameStop rally say Gill and other prominent Reddit users could be to blame for market manipulation.
The Securities and Exchange Commission (SEC) announced last month that it is exploring possible manipulative practices around the GameStop frenzy, but securities lawyers say the public nature of the rally makes it difficult to allege a conspiracy. .