GameStop Corp (NYSE:GME) shares are trading higher in Thursday's after-hours session after Keith Gill, also known as Roaring Kitty, posted a position update on Reddit showing he is now holding more than 9 million shares of GameStop.
What To Know: GameStop shares closed Thursday up 14.3% after falling more than 16% on Wednesday. The increased volatility is largely due to Gill's return to social media following a three-year absence. Gill is often credited with sparking the historic GameStop short squeeze in 2021.
The biggest move in GameStop stock since Gill's return came after the trader posted a position update showing that he was holding 5 million shares of GameStop and call options expiring later this month. The stock has traded lower in recent sessions as reports suggested that Gill may have been selling some of his short-dated call options.
After a couple of days with no position updates from Gill, the trader posted a new screenshot to Reddit after the market close on Thursday showing that he is now holding 9.001 million shares of GameStop.
It appears Gill sold the call options he was holding and used the proceeds combined with cash in his account to purchase an additional 4.001 million shares of GameStop.
GameStop was due to hold its annual shareholder meeting on Thursday, but the host reportedly told CNBC that high amounts of traffic led to a server crash. GameStop has rescheduled its annual meeting for Friday at 4 p.m. ET.
GME Price Action: GameStop shares initially popped on the post, before pulling back. At the time of publication, GameStop shares were down 0.34% at $29.02 in after-hours trading, according to Benzinga Pro.
Photo: JJBers from Flickr.
