GameStop's stock experienced a significant surge on Monday, jumping as much as 118%, marking its largest intraday gain in over three years. This surge came after Keith Gill, also known as Roaring Kitty, posted on social media for the first time in years. The stock reached an intraday high of $38.20, its highest level since August 2022, before settling at around $30 a share.
The gains on Monday were significant, putting GameStop on track to have its largest daily gain since February 2021. The stock has been on a downward trend since its peak in January 2021 when Gill initiated a historic short squeeze that garnered national attention.
Short-sellers have been hit hard by GameStop's recent surge, with over $1 billion in losses incurred as a result. Prior to Monday, more than 64 million shares of GameStop were sold short, representing about 24% of the share float. This has forced short-sellers to buy back shares at higher prices, further fueling the stock's rally.
In addition to GameStop, other meme stocks like AMC Entertainment also saw significant gains on Monday. Cryptocurrency meme tokens referencing GameStop or Gill also experienced substantial increases in value.
Overall, GameStop's stock surge on Monday has caught the attention of the market and is a testament to the power of social media influence in today's trading landscape. The impact on short-sellers and the broader market remains to be seen as the stock continues to experience volatility.